On Tuesday the S&P/ASX 200 Index (ASX: XJO) was on form and charged notably higher. The benchmark index surged 0.8% higher to end the day at 6,827.1 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market looks set to drop lower today after a subdued night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 28 points or 0.4% lower this morning. In late trade in the United States, the Dow Jones is down 0.3%, the S&P 500 is down 0.1%, and the Nasdaq is up slightly.
Oil prices fall again
It could be a tough day for energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) on Wednesday. According to Bloomberg, the WTI crude oil price is down 1.1% to US$64.69 a barrel and the Brent crude oil price has fallen 0.9% to US$68.29 a barrel. This was the third trading session in a row of declines for oil prices. Traders appear concerned that demand could soften as COVID-19 vaccine rollouts are halted in Europe.
Gold price flat
Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) will be on watch after a flat night for the gold price. According to CNBC, the spot gold price is steady at US$1,729.30 an ounce. A firmer US dollar held back the gold price.
Shares going ex-dividend
A couple of ASX 200 shares are going ex-dividend this morning and could trade lower. Shipbuilder Austal Limited (ASX: ASB) and poultry producer Inghams Group Ltd (ASX: ING) are trading without the rights to their upcoming 4 cents and 7.5 cents per share dividends, respectively. Eligible shareholders will be paid these dividends in April.
Webjet rated as a buy
The Webjet Limited (ASX: WEB) share price could be in the buy zone according to one leading broker. According to a note out of Goldman Sachs, its analysts have initiated coverage on the online travel agent with a buy rating and $7.36 price target. The broker expects its Webbeds business to be a long-term growth engine for the company.
