5 things to watch on the ASX 200 on Wednesday

Harvey Norman Holdings Limited (ASX:HVN) and Pointsbet Holdings Ltd (ASX:PBH) shares will be on watch on the ASX 200 on Wednesday…
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia. –

woman watching asx share price on digital screen

On Tuesday the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and more and finished the day deep in the red. The benchmark index fell 0.9% to 6,738.4 points.

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

ASX 200 expected to rebound

The Australian share market looks set to rebound on Wednesday despite a weak night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 55 points or 0.8% higher this morning. In late trade on Wall Street, the Dow Jones is down 0.1%, the S&P 500 is down 0.1%, and the Nasdaq is flat.

Oil prices lower

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could come under pressure today after oil prices dropped. According to Bloomberg, the WTI crude oil price is down 1.8% to US$60.46 a barrel and the Brent crude oil price has fallen 1.5% to US$64.02 a barrel. The reopening of the Suez Canal was behind the decline.

Gold price sinks

It looks set to be a tough day for gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) after the gold price sank lower overnight. According to CNBC, the spot gold price is down 1.85% to US$1,683 an ounce. This leaves the price of the precious metal trading at a three-week low.

PointsBet rated as a buy

The Pointsbet Holdings Ltd (ASX: PBH) share price will be on watch today. This morning analysts at Goldman Sachs initiated coverage on the sports betting company with a buy rating and $17.50 price target. The broker commented: “We see PBH as well-placed to carve out a niche share of the burgeoning US sports betting market, which we forecast to reach US$39 bn at maturity, implying a robust 40% CAGR out to 2033.”

Shares going ex-dividend

The shares of auto retailer Eagers Automotive Ltd (ASX: APE) and retail giant Harvey Norman Holdings Limited (ASX: HVN) are going ex-dividend this morning and could trade lower. Eligible shareholders can look forward to receiving Eagers Automotive’s 25 cents per share dividend on 20 April and Harvey Norman’s 20 cents per share dividend on 3 May.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

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