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5 things to watch on the ASX 200 on Wednesday

James Mickleboro

On Tuesday the S&P/ASX 200 index fought back from a weak start to finish the day 0.4% higher at 6,500.1 points.

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

ASX futures pointing higher.

The Australian share market looks set to continue its strong run on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 0.15% or 10 points higher this morning. This follows a very positive night of trade on Wall Street which saw the Dow Jones rise 0.8%, the S&P 500 climb 0.85%, and the Nasdaq index push 1.1% higher. Easing trade war concerns were the catalyst for these gains.

Fortescue shares trade ex-dividend.

The Fortescue Metals Group Limited (ASX: FMG) share price is likely to trade sharply lower on Wednesday after going ex-dividend for its latest 60 cents per share fully franked dividend. The iron ore producer’s dividend will now be paid to eligible shareholders on June 14. Based on the last close price, this dividend alone provides investors with a fully franked 6.7% yield.

Oil prices mixed.

Australian energy producers including Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) will be on watch again on Wednesday after another mixed night of trade for oil prices. According to Bloomberg, the WTI crude oil price dropped 0.1% to US$63.02 a barrel and the Brent crude oil price rose 0.1% to US$72.03 a barrel.

Gold price lower.

Gold miners including Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) may trade lower again after the gold price dropped to a two-week low. According to CNBC, the spot gold price fell 0.2% to US$1,274.60 an ounce after stocks rallied higher and the U.S. dollar strengthened.

Bank of Queensland dividend.

Eligible shareholders of Bank of Queensland Limited (ASX: BOQ) will be paid the regional bank’s interim dividend later today. The bank is paying shareholders a fully franked 34 cents per share dividend. This was down 4 cents on the prior corresponding period.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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