5 things to watch on the ASX 200 on Wednesday

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 7,360.2 points.

Will the market be able to bounce back from 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 relatively positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points higher this morning. On Wall Street, the Dow Jones was flat, the S&P 500 rose 0.1% and the Nasdaq was flat.

Oil prices soften

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch following a soft night for prices. According to Bloomberg, the WTI crude oil price is down 0.1% to US$80.77 a barrel and the Brent crude oil price has fallen 0.1% to US$84.68 a barrel. Strong economic data out of China was offset by rate hike concerns.

Regis Resources named as a buy

The recent weakness in the Regis Resources Ltd (ASX: RRL) share price may have created a buying opportunity. That’s the view of analysts at Bell Potter, which have a buy rating and $2.77 price target on the gold miner’s shares. While disappointed with its quarterly update, the broker notes that “RRL is one of the largest ASX gold producers and we remain attracted to its all-Australian asset portfolio and organic growth options which are unique at this scale.”

Gold price higher

ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price rose overnight. According to CNBC, the spot gold price is up 0.5% to US$2,017.2 an ounce. The precious metal rose after the US dollar and bond yields eased.

Soul Patts goes ex-dividend

The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price is likely to trade lower on Wednesday. That’s because the investment house’s shares are due to trade ex-dividend this morning for its interim dividend of 36 cents per share. This will be paid to eligible shareholders next month on 12 May.

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’s the forecast for popular ASX 200 mining shares from UBS
• Why has the shine come off ASX gold shares this week?
• Why Ramelius, Sayona Mining, St Barbara, and Woodside shares are dropping today
• Macquarie says changes to this tax could be a red flag for Woodside shares
• 5 things to watch on the ASX 200 on Tuesday

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 Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Washington H. Soul Pattinson and Company Limited. 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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