On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) followed the lead of U.S. markets and dropped lower. The benchmark index finished the day down by 0.3% to 6,199.3 points.
Will the market be able to bounce back on Wednesday? Here are five things to watch:
ASX futures pointing higher.
The Australian share market is expected to open the day higher on Tuesday. According to the latest SPI futures, the ASX 200 is poised to push 0.25% or 16 points higher at the open. This follows a reasonably positive night of trade on Wall Street. Late in the session the Dow Jones is up 0.1%, the S&P 500 is flat, and the Nasdaq is 0.2% higher.
Oil prices edge higher.
Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) shares could be on the rise on Wednesday after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price has risen 0.1% to US$56.64 a barrel and the Brent crude oil price is up 0.2% to US$65.78 a barrel. Prices pushed higher after OPEC tightened its supply to offset the resumption of production at Libya’s biggest oilfield.
Shares going ex-dividend.
Today it is the turn of supply chain logistics company Brambles Limited (ASX: BXB), fund manager Perpetual Limited (ASX: PPT), and private hospital operator Ramsay Health Care Limited (ASX: RHC) to trade ex-dividend for their latest payouts. Each of these companies is likely to trade lower today to reflect the fact that they no longer hold the rights to these dividends.
Gold price lower.
Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) shares may remain under pressure on Wednesday after the gold price dropped a touch lower. Although the silver price has rebounded 0.25%, the spot gold price has edged to a five-week low after the U.S. dollar strengthened. According to CNBC, U.S. gold futures settled US$2.80 lower at US$1,284.70 per ounce.
Domino’s rated as a buy.
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price could push higher today after analysts at Goldman Sachs upgraded the pizza chain operator’s shares to a buy rating from neutral. Goldman has a $50.50 price target on the company’s shares and is positive due to its strong store growth potential and improved execution in key regions like Japan.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and Ramsay Health Care Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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