5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark index rose 0.3% to 6,798.6 points.

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

ASX 200 expected to rise

The Australian share market looks set to rise again on Wednesday after another solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 55 points or 0.8% higher this morning. In late trade on Wall Street, the Dow Jones is up 1.1%, the S&P 500 is up 1.7%, and the Nasdaq is up 2.3%.

Oil prices mixed

Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is up 0.5% to US$85.01 a barrel and the Brent crude oil price has risen 0.25% to US$93.03 a barrel. A softer US dollar boosted WTI oil.

Coles Q1 update

The Coles Group Ltd (ASX: COL) share price will be in focus today when the supermarket giant releases its first quarter update. According to a note out of Goldman Sachs, its analysts are expecting Coles to report a 2.5% increase in Supermarket same store sales but a 1% decline in liquor same store sales.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.3% to US$1,658.6 an ounce. Gold rose thanks to weakness in the US dollar.

Woolworths AGM

Woolworths Group Ltd (ASX: WOW) is holding its annual general meeting on Wednesday and could provide a trading update to the market. Goldman Sachs is expecting the retail giant to have performed better than Coles and is forecasting first quarter Australian Supermarket same store sales growth of 3%.

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

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More reading

• Here are the top 10 ASX 200 shares today
• Is buying CSL shares right now a smart move?
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why is ASX 200 share Reliance Worldwide crashing 16% today?
• Send in the drones: Why is the Coles share price taking off today?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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