5 things to watch on the ASX 200 on Wednesday

Another big day is expected for the ASX 200 on Wednesday…

Business woman watching stocks and trends while thinking

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) had a volatile day but eventually closed it with a small gain. The benchmark index rose 0.1% to 7,029.8 points.

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

ASX 200 expected to tumble

The Australian share market looks set to have a difficult day on Wednesday following a poor night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 40 points or 0.6% lower this morning. On Wall Street, the Dow Jones fell 0.2%, the S&P 500 dropped 0.4%, and the Nasdaq sank 1%.

Oil prices soften

Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor day after oil prices softened overnight. According to Bloomberg, the WTI crude oil price is down 0.2% to US$90.52 a barrel and the Brent crude oil price has fallen 0.35% to US$96.30 a barrel. This was driven by optimism that Iran may boost its crude exports.

CBA results

The Commonwealth Bank of Australia (ASX: CBA) share price will be one to watch this morning when the banking giant releases its full-year results. According to a note out of Goldman Sachs, following the bank's update on one-offs earlier this week, its analysts are now forecasting cash earnings of $9,509 million for FY 2022. This will be a 9.9% increase on the prior corresponding period. The broker expects this to underpin a full year fully franked dividend of 380 cents per share.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price traded higher overnight. According to CNBC, the spot gold price is up 0.3% to US$1,810.90 an ounce. Traders were buying gold after the the US dollar softened.

Computershare results and guidance

The Computershare Limited (ASX: CPU) share price could be on the move on Wednesday after the stock transfer company released its full year results following yesterday's close. For the 12 months ended 30 June, Computershare reported a 12.2% increase in management revenue to $2.6 billion and a 10.6% lift in management earnings per share (EPS) to 58.03 cents. Looking ahead, the company is guiding to massive management EPS growth of 55% in FY 2023.

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 has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

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 »