On Tuesday the S&P/ASX 200 index snapped its winning streak with a small decline. The benchmark index fell 2.4 points to 6,847.3 points.
Will the local share market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 poised to rise.
The S&P/ASX 200 index looks set to return to form again on Wednesday. According to the latest SPI futures, the ASX 200 is poised to climb 0.35% or 24 points at the open. This follows a positive night of trade on Wall Street which in late trade sees the Dow Jones up 0.25%, the S&P 500 trading 0.1% higher, and the Nasdaq index up 0.1%.
The National Australia Bank Ltd (ASX: NAB) share price could come under pressure today after ASIC announced that it was taking court action against it for fees for no service and fee disclosure statement failures. ASIC alleges that NAB has broken the law more than 10,000 times, which leaves it exposed to a theoretical maximum penalty of close to $10 billion. This should make NAB’s AGM interesting later today.
Dividends being paid.
A couple of popular dividend shares are paying their latest dividends on Wednesday. Investment bank Macquarie Group Ltd (ASX: MQG) is paying a $2.50 per share partially franked interim dividend and banking giant Australia and New Zealand Banking Group (ASX: ANZ) is paying a final partially franked 80 cents per share final dividend.
Oil prices surge higher.
Energy shares including Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could push higher today after oil prices surged higher overnight. According to Bloomberg, the WTI crude oil price rose 1.2% to US$60.94 a barrel and the Brent crude oil price climbed 1.2% higher to US$66.13 a barrel. Trade hopes and supply cuts boosted prices.
Gold price flat.
Gold miners Saracen Minerals Holdings Limited (ASX: SAR) and St Barbara Ltd (ASX: SBM) will be on watch today after the spot gold price traded flat. According to CNBC, the spot gold price is mostly flat at US$1,479.7 an ounce. A lack of concrete details about the phase one U.S.-China trade deal is keeping investors from making firm bets.
The post 5 things to watch on the ASX 200 on Wednesday appeared first on 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 owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia owns shares of National Australia Bank 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.
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