On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was in fine form and charged notably higher. The benchmark index rose 1.1% to 7,186.7 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 rise slightly on Wednesday following a positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points higher this morning. In late trade in the United States, the Dow Jones is up 0.9%, the S&P 500 is up 0.7%, and the Nasdaq is up 0.95%.
CBA half year results
The Commonwealth Bank of Australia (ASX: CBA) share price will be one to watch this morning when it releases its half year results. According to a note out of Morgans, its analysts are expecting Australia’s largest bank to deliver cash earnings of $4.320 billion and a fully franked interim dividend of $1.74 per share.
Oil prices tumble
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a difficult day after oil prices tumbled. According to Bloomberg, the WTI crude oil price is down 1.6% to US$89.82 a barrel and the Brent crude oil price has fallen 1.7% to US$91.07 a barrel. Oil prices tumbled amid talks between the US and Iran relating to sanctions
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price pushed higher. According to CNBC, the spot gold price is up 0.45% to US$1,829.7 an ounce. An unstable environment in the markets is believed to be supporting demand for the safe haven asset.
Mineral Resources half year results
The Mineral Resources Limited (ASX: MIN) share price will be in focus today when it release sits half year results. Over at Citi, its analysts are forecasting a net profit after tax of $262.4 million for the half. Goldman Sachs is less positive and has tipped the mining and mining services company to negatively surprise. It is forecasting a result “-5%/-16% below VA consensus 1H FY22 EBITDA/NPAT respectively.”
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.
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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 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.
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