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5 things to watch on the ASX 200 on Wednesday

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Two male ASX 200 analysts stand in an office looking at various computer screens showing share prices.

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.3% to 8,803.9 points.

Will the market be able to bounce back from this on Wednesday? Here are five things to watch:

ASX 200 to open slightly lower

The Australian share market looks set for subdued session on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 3 points lower. In late trade in the United States, the Dow Jones is down 0.25%, the S&P 500 is down 0.3%, and the Nasdaq has dropped 0.75%.

Oil prices race higher

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day of trade on Wednesday after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 2.9% to US$70.53 a barrel and the Brent crude oil price is up 3.1% to US$74.22 a barrel. This followed reports of attacks on tankers in the Strait of Hormuz.

Buy Netwealth shares

The team at Bell Potter continues to see value in Netwealth Group Ltd (ASX: NWL) shares. This morning, in response to a quarterly update, the broker has retained its buy rating and $30.00 price target on the investment platform provider’s shares. It said: “Our Buy rating is unchanged, and we upgrade our net flow estimates +8% FY27-29. Building in margin guidance prompts us to downgrade EPS -7%/-4% and we leave headroom on the FUA target. NWL is looking to replicate EPS growth. The mandate win is the first example of a catalyst, independent of any potential vendor attrition.”

Gold price softens

ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a soft session on Wednesday after the gold price softened overnight. According to CNBC, the gold futures price is down 0.35% to US$4,153 an ounce. Rising oil prices have sparked fears of rising inflation and interest rate hikes.

A2 Milk shares go ex-dividend

A2 Milk Company Ltd (ASX: A2M) shares are going ex-dividend this morning and could trade lower. Last month, the infant formula company declared a fully franked special dividend of 28.8 cents per share. Based on its last close price of $7.37, this represents an attractive 3.9% dividend yield. Eligible shareholders can look forward to receiving this dividend later this month on 24 July.

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 positions in and has recommended Netwealth Group. The Motley Fool Australia has positions in and has recommended Netwealth Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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