On Tuesday the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark index ended the day 0.3% higher at 7,562.6 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 futures pointing higher
The Australian share market is expected to push higher on Wednesday following a decent night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 19 points or 0.25% higher this morning. On Wall Street, the Dow Jones rose 0.45%, the S&P 500 pushed 0.1% higher, and the Nasdaq dropped 0.5%.
CBA full year results
The Commonwealth Bank of Australia (ASX: CBA) share price will be on watch today when it releases its highly anticipated full year results. According to a note out of Goldman Sachs, it expects Australia’s largest bank to report a 15% increase in cash earnings from continued operations (pre-one offs) to A$8,342 million. This compares to the analyst consensus estimate of $8,464 million. The broker has also pencilled in a final dividend of 195 cents per share and a special dividend of 200 cents per share.
Oil prices rebound
It could be a good day for energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 2.9% to US$68.41 a barrel and the Brent crude oil price is up 2.5% to US$70.74 a barrel. Rising demand in Europe and the United States outweighed concerns over an increase in COVID-19 cases in Asia.
Computershare full year results
The Computershare Ltd (ASX: CPU) share price will be one to watch today. This follows the release of the stock transfer company’s full year results after the market close. Computershare reported an 0.8% decline in full year management revenue to US$2.3 billion and a 7.3% fall in management earnings per share to 52.03 US cents. The latter was better than its guidance for an 8% decline. And while the company is guiding to a stronger year in FY 2022, its guidance has fallen short of Goldman Sachs’ estimates.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could have a better day on Wednesday after the gold price pushed higher. According to CNBC, the spot gold price is up 0.2% to US$1,729.50 an ounce. Concerns over rising COVID-19 cases halted the precious metal’s slide.
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of May 24th 2021
More reading
- Computershare (ASX:CPU) share price on watch after FY21 guidance beat
- The ASX reporting wrap-up: Challenger, Megaport, James Hardie
- What’s up with ASX 200 gold shares on Tuesday?
- ASX 200 rises, Challenger and James Hardie up on results
- Here are the top 10 ASX shares today
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 Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3AxnhyU
Leave a Reply