5 things to watch on the ASX 200 on Wednesday

Here's what to expect on the market today…

Smiling man with phone in wheelchair watching stocks and trends on computer

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

On Tuesday the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.4% to 7,534.9 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market is expected to end its winning streak on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 37 points or 0.5% lower this morning. This follows a subdued night of trade on Wall Street, which saw the Dow Jones fall 0.1%, the S&P 500 drop 0.1%, and the Nasdaq edge 0.05% lower.

PointsBet shares rated as a buy

The PointsBet Holdings Ltd (ASX: PBH) share price could be in the buy zone according to analysts at Goldman Sachs. This morning the broker reiterated its buy rating but trimmed its price target slightly to $14.75 following the release of its full year results. Goldman believes PointsBet is well-placed to achieve a 10% share in the US states it operates in.

Oil prices fall

It could be a tough day for energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices softened. According to Bloomberg, the WTI crude oil price is down 1% to US$68.50 a barrel and the Brent crude oil price is down 0.6% to US$72.96 a barrel. Oil prices fell after the US urged OPEC to pump more oil.

Shares going ex-dividend

A number of ASX 200 shares are going ex-dividend today and could trade lower this morning. This includes dairy company Bega Cheese Ltd (ASX: BGA), drinks business Endeavour Group Ltd (ASX: EDV), financial technology company IRESS Ltd (ASX: IRE), wine giant Treasury Wine Estates Ltd (ASX: TWE), and conglomerate Wesfarmers Ltd (ASX: WES).

Gold price edges higher

Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could have a decent day on Wednesday after the gold price edged higher. According to CNBC, the spot gold price is up 0.3% to US$1,817.3 an ounce. A weaker US dollar supported the precious metal's gain.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited and Wesfarmers Limited. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Opinions

2 ASX shares I have been buying in 2024!

I’m a believer in the long-term outlook of these stocks.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »

Father in the ocean with his daughters, symbolising passive income.
Dividend Investing

I'd spend $8k on these ASX 200 shares today to target a $6,102 annual passive income

I believe these ASX 200 shares will continue rewarding passive income investors for years to come.

Read more »