On Tuesday the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark index ended the day 0.3% higher at 7,562.6 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 futures pointing higher
The Australian share market is expected to push higher on Wednesday following a decent night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 19 points or 0.25% higher this morning. On Wall Street, the Dow Jones rose 0.45%, the S&P 500 pushed 0.1% higher, and the Nasdaq dropped 0.5%. US markets were boosted by a US$1 trillion infrastructure bill.
CBA full year results
The Commonwealth Bank of Australia (ASX: CBA) share price will be on watch today when it releases its highly anticipated full year results. According to a note out of Goldman Sachs, it expects Australia's largest bank to report a 15% increase in cash earnings from continued operations (pre-one offs) to $8,342 million. This compares to the analyst consensus estimate of $8,464 million. The broker has also pencilled in a final dividend of 195 cents per share and a special dividend of 200 cents per share.
Oil prices rebound
It could be a good day for energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 2.9% to US$68.41 a barrel and the Brent crude oil price is up 2.5% to US$70.74 a barrel. Rising demand in Europe and the United States outweighed concerns over an increase in COVID-19 cases in Asia.
Computershare full year results
The Computershare Ltd (ASX: CPU) share price will be one to watch today. This follows the release of the stock transfer company's full year results after the market close. Computershare reported an 0.8% decline in full year management revenue to US$2.3 billion and a 7.3% fall in management earnings per share to 52.03 US cents. The latter was better than its guidance for an 8% decline. And while the company is guiding to a stronger year in FY 2022, its guidance has fallen short of Goldman Sachs' estimates.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could have a better day on Wednesday after the gold price pushed higher. According to CNBC, the spot gold price is up 0.2% to US$1,729.50 an ounce. Concerns over rising COVID-19 cases halted the precious metal's slide.
