5 things to watch on the ASX 200 on Wednesday

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

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On Tuesday the S&P/ASX 200 Index (ASX: XJO) gave back the majority of its intraday gains and ended the day marginally higher. The benchmark index rose slightly to 7,443.4 points.

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

ASX 200 poised to rise

The Australian share market looks set to edge higher on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 3 points higher this morning. This follows a solid night on Wall Street, which in late trade sees the Dow Jones up 0.3%, the S&P 500 up 0.4%, and the Nasdaq trading 0.2% higher.

A2 Milk investor update

The A2 Milk Company Ltd (ASX: A2M) share price will be one to watch closely on Wednesday. This morning the embattled infant formula company will be releasing an investor update and is expected to provide details on a renewed strategy in China, product development, and marketing. It’s also possible that the company will release a first quarter update at the event.

Oil prices rise

Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could rise today after a solid night for oil prices. According to Bloomberg, the WTI crude oil price is up 1% to US$84.62 a barrel and the Brent crude oil price has risen 0.5% to US$86.41 a barrel. Oil prices have hit multi-year highs due to supply shortages.

Gold price falls

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could fall today after the gold price dropped. According to CNBC, the spot gold price is down 0.65% to US$1,794.9 an ounce. A stronger US dollar and improving risk sentiment weighed on gold.

ASX 200 AGMs

There are a number of ASX 200 companies holding their annual general meetings today. The likes of health supplements company Blackmores Limited (ASX: BKL), investment platform provider Netwealth Group Ltd (ASX: NWL), and retail giant Woolworths Group Ltd (ASX: WOW) are holding their events virtually and could provide trading updates.

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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. owns shares of and has recommended Netwealth. The Motley Fool Australia owns shares of and has recommended Blackmores Limited and Netwealth. The Motley Fool Australia has recommended A2 Milk. 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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