On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) snapped its losing streak with a 0.6% gain to 6,179.7 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX futures pointing lower.
According to the latest SPI futures, the Australian share market is poised to open lower on Wednesday. At present futures are pointing to a 0.2% or 14 points decline at the open. This is despite positive gains being made on Wall Street overnight. The Dow Jones rose 0.45%, the S&P 500 rose 0.4%, and the Nasdaq increased 0.6%.
Oil prices surge higher.
Energy shares Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices surged higher overnight. According to Bloomberg, the WTI crude oil price rose 3.5% to US$69.91 a barrel and the Brent crude oil price climbed 2.7% to US$79.44 a barrel. Oil prices surged higher as the U.S. east coast braced for a major hurricane.
Myer results.
This morning struggling department store operator Myer Holdings Ltd (ASX: MYR) is scheduled to release its full year results. In the third quarter Myer reported total year to date sales of $2,355 million, down 3.4% on the prior corresponding period. I'm expecting something similar for the full year.
Shares going ex-dividend.
It is a big day for dividends on Wednesday with a multitude of shares going ex-dividend. These include the likes of Adacel Technologies Limited (ASX: ADA), footwear retailer Accent Group Ltd (ASX: AX1), Brambles Limited (ASX: BXB), horticulture company Costa Group Holdings Ltd (ASX: CGC), Perpetual Limited (ASX: PPT), job listings giant SEEK Limited (ASX: SEK), and healthcare company Sonic Healthcare Limited (ASX: SHL).
Bega to raise $250 million.
Late yesterday Bega Cheese Ltd (ASX: BGA) announced the completion of a non-underwritten institutional share placement to raise approximately $200 million. A further $50 million is expected to be raised with a share purchase plan. Bega is raising the funds at $7.20 per share, which is a 5% discount to the last close price. The funds will be used to reduce its debt.
