On Tuesday the S&P/ASX 200 Index (ASX: XJO) fought hard but ultimately dropped into the red. The benchmark index fell 0.25% to 7,434.2 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 poised to storm higher
The Australian share market looks set to rebound on Wednesday despite Wall Street coming under pressure overnight. According to the latest SPI futures, the ASX 200 is expected to open the day 17 points or 0.25% higher this morning. On Wall Street, in late trade the Dow Jones is down 0.7%, the S&P 500 is down 0.5%, and the Nasdaq is trading 0.7% lower.
NAB shares remain a buy
The National Australia Bank Ltd (ASX: NAB) share price could be good value according to the team at Goldman Sachs. This morning the broker retained its conviction buy rating and lifted its price target on the bank’s shares to $31.15. While NAB delivered a slightly softer than expected full year result on Tuesday, Goldman remains positive due to the progress of its cost management initiatives and its position as the largest business bank.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could push higher today after oil prices rose again. According to Bloomberg, the WTI crude oil price is up 2.5% to US$83.98 a barrel and the Brent crude oil price has risen 1.4% to US$84.59 a barrel. The lifting of the US travel ban has given demand a boost.
Gold price edges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price edged higher. According to CNBC, the spot gold price is up 0.2% to US$1,831.80 an ounce. Traders have been bidding gold higher ahead of the upcoming release of US inflation data.
A number of ASX 200 shares are holding their annual general meetings today and could provide the market with updates at their respective events. Among the companies meeting today are Beach Energy Ltd (ASX: BPT), Clinuvel Pharmaceuticals Limited (ASX: CUV), Coles Group Ltd (ASX: COL), and Newcrest Mining Ltd (ASX: NCM).
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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 owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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