Here’s what’s happening on the ASX 200 today…
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 an early decline to finish the day marginally higher. The benchmark index rose 0.15% to 7,437.3 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market is expected to drop on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 34 points or 0.45% lower this morning. This follows a disappointing night of trade on Wall Street, which saw the Dow Jones fall 0.85%, the S&P 500 drop 0.6%, and the Nasdaq fall 0.45%.
South32 shares given buy rating
The South32 Ltd (ASX: S32) share price could still be in the buy zone despite rallying 36% higher in 2021. According to a note out of Goldman Sachs, it has retained its conviction buy rating and lifted its price target on the mining giant’s shares to $3.80. The broker made the move on higher coal prices. It also likes South32 due to its exposure to aluminium.
Oil prices mixed
Energy producers Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.1% to US$70.37 a barrel and the Brent crude oil price is up 0.1% to US$73.58 a barrel. This is despite another tropical storm expected to hit US production areas this week.
Shares going ex-dividend
The shares of contractor CIMIC Group Ltd (ASX: CIM) and horticulture company Costa Group Holdings Ltd (ASX: CGC) could trade lower this morning when they go ex-dividend. CIMIC is paying shareholders a partially franked 42 cents per share dividend, whereas Costa is paying its shareholders a 4 cents per share fully franked dividend. Both dividends will be paid on 7 October.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could have a good day after the gold price pushed higher. According to CNBC, the spot gold price is up 0.7% to US$1,807.10 an ounce. The gold price pushed higher after US inflation data fell short of expectations.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of August 16th 2021
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 owns shares of and has recommended COSTA GRP FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.