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5 things to watch on the ASX 200 on Wednesday

James Mickleboro

On Tuesday the S&P/ASX 200 index returned to form and raced notably higher. The benchmark index climbed 0.6% to 7,055.3 points.

Will the local share market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 poised to rise.

The S&P/ASX 200 index looks set to edge higher on Wednesday. According to the latest SPI futures, the ASX 200 is poised to rise 0.1% or 6 points at the open. This follows a mildly positive night on Wall Street which in late trade sees the Dow Jones up 0.1%, the S&P 500 index up 0.3%, and the Nasdaq index trading 0.3% higher.

CBA on watch.

The Commonwealth Bank of Australia (ASX: CBA) share price will be one to watch when it releases its half year update. Analysts at Goldman Sachs expect Australia’s largest bank to report cash earnings from continuing operations (pre-one offs) of $4,329 million. This will be a 7.4% decline on the prior corresponding period and a touch lower than the consensus estimate of $4,405 million. A fully franked interim dividend of 200 cents per share is expected by the market.

Commodity prices mixed.

Australia’s leading energy producers such as Santos Ltd (ASX: STO) could be on the rise today after oil prices rebounded. According to Bloomberg, the WTI crude oil price climbed 0.7% to US$49.93 a barrel and the Brent crude oil price has risen 1.5% to $54.04 a barrel. Whereas gold miners including Evolution Mining Ltd (ASX: EVN) could be on the slide after the gold price dropped lower. According to CNBC, the spot gold price has fallen 0.5% to US$1,571.10 an ounce.

CSL half year update.

Also on watch will be the CSL Limited (ASX: CSL) share price. This morning the biotherapeutics company will release its half year results and has been tipped as a positive surprise candidate by Goldman Sachs. This is due to highly favourable immunoglobulins market dynamics, lower sales from a key Kcentra product competitor, and a strong start to the northern hemisphere flu season.

Blackmores returns.

The Blackmores Limited (ASX: BKL) share price could be on the move if it returns from its trading halt this morning. The health supplements company requested a trading halt on Monday whilst it prepared an update on its half year results and its outlook for the full year. Blackmores has been struggling with tough trading conditions in FY 2020 and had guided to a weak half year profit some 38% lower than the prior corresponding period.

The post 5 things to watch on the ASX 200 on Wednesday appeared first on Motley Fool Australia.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of and has recommended Blackmores 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. 2020