5 things to watch on the ASX 200 on Wednesday

Here’s what to watch on Wednesday…
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia. –

On Tuesday the S&P/ASX 200 Index (ASX: XJO) fought back from a heavy morning decline to finish the day just a touch lower. The benchmark index fell almost 0.1% to 7,301.2 points.

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

ASX 200 expected to rise

The Australian share market looks set to push higher on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.35% higher this morning. This follows a reasonably positive night of trade on Wall Street which saw the Dow Jones and S&P 500 rise slightly and the Nasdaq push 0.2% higher.

Oil prices push higher

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be on the rise on Wednesday after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.65% to US$73.40 a barrel and the Brent crude oil price is up 0.6% to US$75.11 a barrel. Oil prices rose after demand hopes offset concerns that the Delta variant of COVID-19 is reducing mobility globally.

Telstra rated as a buy

The Telstra Corporation Ltd (ASX: TLS) share price could be heading notably higher from here according to analysts at Goldman Sachs. This morning the broker has retained its buy rating and lifted its price target to $4.20. The broker suspects that Mobile ARPU growth could positively surprise over the coming years. It also sees opportunities for Telstra to introduce inflation linked pricing across fixed and mobile plans.

Gold price sinks

It could be a tough day for gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) after the gold price sank overnight. According to CNBC, the spot gold price is down 1.1% to US$1,761.40 an ounce. The precious metal fell to an 11-week low amid concerns that a strong U.S. jobs report this week could cement the Federal Reserve’s recent hawkish stance.

Nuix insider trading allegations

The Nuix Ltd (ASX: NXL) share price will be on watch today amid allegations of insider trading at the embattled investigative analytics and intelligence software provider. According to the SMH, the company’s recently sacked chief financial officer, Stephen Doyle, is the subject of a criminal investigation into insider trading and dealing with the proceeds of crime. Mr Doyle’s brother and father are also being investigated according to the report.

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 recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Nuix Pty Ltd. 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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