On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and recorded a strong gain. The benchmark index rose 0.85% to 7,355 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to edge higher on Wednesday following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 9 points or 0.1% higher this morning. In late trade in the United States, the Dow Jones is up 1.45%, the S&P 500 is up 1.55%, and the Nasdaq is trading 2.1% higher.
Chalice demerger
The Chalice Mining Ltd (ASX: CHN) share price is likely to trade notably lower on Wednesday. This morning the company’s gold exploration business Falcon Metals Ltd (ASX: FAL) will begin trading separately on the ASX boards following the completion of its demerger. Eligible Chalice shareholders received 1 Falcon share for approximately every 3.0341 Chalice shares.
Oil prices jump
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a great day after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 3.7% to US$71.17 a barrel and the Brent crude oil price has risen 3.5% to US$74.03 a barrel. Oil prices rebounded after investors’ appetite for risk improved.
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could come under pressure today after the gold price dropped. According to CNBC, the spot gold price is down 0.35% to US$1,788.4 an ounce. The gold price fell as investors rotated to risk assets.
Dividends being paid
More dividends are being paid to investors on Wednesday. KFC-focused quick service restaurant operator Collins Foods Ltd (ASX: CKF) and commercial explosives company Orica Ltd (ASX: ORI) are rewarding their shareholders with 12 cents per share and 16.5 cents per share dividends, respectively, later today.
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX shares today
- Here are the 3 most heavily traded ASX 200 shares this Tuesday
- Why is the Woodside (ASX:WPL) share price on the slide this week?
- ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks
- What are these top brokers betting for Beach Energy (ASX:BPT) shares in 2022?
Motley Fool contributor James Mickleboro owns Collins Foods Limited. 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 recommended Collins Foods Limited. 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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