On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a subdued session and slipped into the red. The benchmark index fell 0.15% to 8,071.2 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to have another poor session on Wednesday despite a reasonably positive night in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 40 points or 0.5% lower. On Wall Street, the Dow Jones was up a fraction, the S&P 500 rose 0.15% and the Nasdaq edged 0.15% higher.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor session on Wednesday after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 2.3% to US$75.66 a barrel and the Brent crude oil price is down 2.2% to US$79.63 a barrel. This was driven by optimism that Libyan production will resume soon.
Telstra shares go ex-dividend
Telstra Group Ltd (ASX: TLS) shares are likely to trade lower on Wednesday. That's because the telco giant's shares are scheduled to go ex-dividend this morning for its fully franked final dividend. Eligible shareholders can look forward to receiving the company's 9 cents per share dividend in just under a month on 26 September. Also going ex-dividend are Lottery Corporation Ltd (ASX: TLC) and Treasury Wine Estates Ltd (ASX: TWE) shares.
Gold price rises
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price rose again overnight. According to CNBC, the spot gold price is up 0.25% to US$2,561 an ounce. Traders have been bidding the precious metal higher ahead of rate cuts in the United States next month.
Woolworths FY 2024 results
The Woolworths Group Ltd (ASX: WOW) share price will be one to watch this morning when the supermarket giant releases its full year results. According to a note out of Goldman Sachs, its analysts are forecasting total sales of $67,261 million for the 12 months ended 30 June. This will be a 4.6% increase year on year. It is also forecasting a 2.85% increase in earnings before interest and tax to $3,205 million and largely flat net profit after tax of $1,725 million.
