On Tuesday, the S&P/ASX 200 Index (ASX: XJO) continued its positive run and edged higher. The benchmark index rose 0.2% to 7,997.7 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 looks set to end its winning streak on Wednesday following a subdued session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.3% lower. On Wall Street, the Dow Jones was down 0.15%, the S&P 500 fell 0.2% and the Nasdaq dropped 0.3%.
Oil prices fall again
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have another poor session on Wednesday after oil prices dropped again overnight. According to Bloomberg, the WTI crude oil price is down 0.75% to US$73.82 a barrel and the Brent crude oil price is down 0.6% to US$77.22 a barrel. Softer than expected demand put pressure on oil prices.
CBA goes ex-dividend
Commonwealth Bank of Australia (ASX: CBA) shares are likely to trade lower on Wednesday. That's because the banking giant's shares are due to go ex-dividend this morning for its fully franked final dividend. Eligible shareholders can then look forward to receiving the bank's $2.50 per share dividend late next month on 27 September. AMP Ltd (ASX: AMP) and ASX Ltd (ASX: ASX) shares are also going ex-dividend today.
Gold price hits new record high
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good session after the gold price hit a new record high overnight. According to CNBC, the spot gold price is up 0.45% to US$2,553.1 an ounce. This was driven by US dollar weakness and interest rate cut bets.
WiseTech results
All eyes will be on WiseTech Global Ltd (ASX: WTC) shares this morning when the logistics solutions software provider releases its full year results. The company has provided guidance for revenue of $1,040 million to $1,095 million and EBITDA of $455 million to $490 million. This represents year on year growth of 27% to 34% and 18% to 27%, respectively. Analysts at Morgans believe the company will outperform its earnings guidance in FY 2024. The broker is forecasting revenue of $1,063 million and EBITDA of $491 million for the year.
