5 things to watch on the ASX 200 on Wednesday

Here’s what to expect on the ASX 200 today…

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On Tuesday the S&P/ASX 200 Index (ASX: XJO) returned to form and pushed higher. The benchmark index rose 0.35% to 7,273.8 points.

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

ASX 200 futures pointing lower

The Australian share market is expected to drop on Wednesday. According to the latest SPI futures, the ASX 200 is poised to open the day 11 points or 0.15% lower. This follows a disappointing night on Wall Street which saw the Dow Jones fall 0.15%, the S&P 500 drop 0.1%, but the Nasdaq rise 0.2%. US markets roared back in early trade but ultimately gave back their gains.

Harvey Norman shares upgraded

The Harvey Norman Holdings Limited (ASX: HVN) share price could be in the buy zone according to analysts at Goldman Sachs. This morning the broker upgraded the retail giant’s shares to a buy rating with a price target of $6.00. Goldman believes Harvey Norman is well positioned to capitalise on the stronger outlook for housing related categories like consumer appliances and furniture.

Oil prices rise

Energy producers Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.3% to US$70.51 a barrel and the Brent crude oil price is up 0.8% to US$74.53 a barrel. Tighter US supplies boosted prices.

Dividends being paid

Today is payday for the shareholders of a number of ASX 200 shares. Paying their latest dividends this morning are the likes of Challenger Ltd (ASX: CGF), Insurance Australia Group Ltd (ASX: IAG), Sandfire Resources Ltd (ASX: SFR), Sonic Healthcare Limited (ASX: SHL), and Suncorp Group Ltd (ASX: SUN).

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could have a solid day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.6% to US$1,775.0 an ounce. Evergrande fears continue to weigh on sentiment and boost the appeal of gold.

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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. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited and Insurance Australia Group Limited. The Motley Fool Australia has recommended Harvey Norman Holdings Ltd. and Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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