On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled lower. The benchmark index fell 0.7% to 7,097.4 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
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ASX 200 expected to rise
It looks set to be a better day for the Australian share market on Wednesday following a strong night in the US. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.4% higher this morning. In late trade on Wall Street, the Dow Jones is up 1.8%, the S&P 500 is up 2.1%, and the Nasdaq is up a sizeable 2.8%.
Oil prices slump again
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a difficult day after oil prices slumped further. According to Bloomberg, the WTI crude oil price is down 6.9% to US$95.94 a barrel and the Brent crude oil price has fallen 7.2% to US$99.23 a barrel. Easing supply concerns have been weighing on prices.
ANZ shares rated as a buy
The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price could be in the buy zone according to analysts at Goldman Sachs. This morning the broker has been looking over the banking sector and reiterated its buy rating and $30.84 price target on ANZ's shares. Goldman believes the market's view on major bank net interest margins seems too bearish given its view on rates.
Gold price sinks again
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a bad day after the gold price continued to fall. According to CNBC, the spot gold price is down 1.9% to US$1,923 an ounce. This has been driven by Russia-Ukraine talks and traders betting on US rate hikes coming sooner than expected.
Inghams goes ex-dividend
The Inghams Group Ltd (ASX: ING) share price is likely to trade lower this morning. This is because the poultry producer's shares are due to trade ex-dividend this morning for its fully franked 6.5 cents per share interim dividend. Eligible shareholders can look forward to receiving this distribution next month on 7 April.
