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5 things to watch on the ASX 200 on Wednesday

James Mickleboro

On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) gave back its strong morning gains to finish the day 5 points lower at 6,174.8 points.

Will the market be able to rebound on Wednesday? Here are five things to watch:

ASX futures pointing lower.

The Australian share market looks set to continue its slide on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day lower by 10 points or 0.15%. This follows a mixed night of trade on Wall Street which late in the session sees the Dow Jones down 0.4%, the S&P 500 up 0.25%, and the Nasdaq higher by 0.35%.

Oil prices edge higher.

Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) shares could be on the rise on Wednesday after oil prices edged higher. According to Bloomberg, the WTI crude oil price has risen 0.2% to US$56.92 a barrel and the Brent crude oil price is up 0.2% to US$66.69 a barrel.

QANTM responds to IPH approach for Xenith IP.

The IPH Ltd (ASX: IPH) share price will be on watch today after QANTM Intellectual Property Ltd (ASX: QIP) responded to its acquisition approach for Xenith IP Group Ltd (ASX: XIP). QANTM IP had been hoping to merge with Xenith IP, but IPH threw a spanner into the works with its offer. However, QANTM IP has pointed out that IPH’s claim that its offer was 23.3% greater than the implied merger consideration was misleading. Based on QANTM IP’s share price on March 11, the consideration was actually $2.03, compared to IPH’s $1.97 offer.

Shares going ex-dividend.

Another group of shares will trade ex-dividend this morning for their latest payouts. This includes horticulture company Costa Group Holdings Ltd (ASX: CGC), biotherapeutics company CSL Limited (ASX: CSL), poultry producer Inghams Group Ltd (ASX: ING), and gold miner Northern Star Resources Ltd (ASX: NST).

Gold price higher.

The Newcrest Mining Limited (ASX: NCM) share price could bounce back from its recent declines after the gold price pushed higher during overnight trade. According to CNBC, the precious metal has risen 0.9% to US$1,301.50 an ounce. This was driven by the weakening of the U.S. dollar after British PM Theresa May had her Brexit plan rejected by MPs again.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO and IPH Ltd. 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.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019