5 things to watch on the ASX 200 on Wednesday

Contented looking man leans back in his chair at his desk and smiles.

Contented looking man leans back in his chair at his desk and smiles.

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) found its legs again and charged higher. The benchmark index rose 0.6% to 7,181.3 points.

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

ASX 200 expected to rise again

The Australian share market looks set to push higher on Wednesday following a positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 47 points or 0.65% higer this morning. In late trade on Wall Street, the Dow Jones is up 1%, the S&P 500 is up 1%, and the Nasdaq is up 0.8%.

Oil prices rise

Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.2% to US$81.04 a barrel and the Brent crude oil price has risen 1.2% to US$88.46 a barrel. News that Saudi Arabia is sticking to its output cuts boosted prices.

Annual general meetings

Another group of ASX 200 shares are scheduled to hold their annual general meetings today and could provide the market with trading updates. Among the companies holding events are property company Abacus Property Group (ASX: ABP), wealth management platform provider Netwealth Group Ltd (ASX: NWL), and logistics solutions company WiseTech Global Ltd (ASX: WTC).

Gold price edges lower

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price edged lower overnight. According to CNBC, the spot gold price is down a fraction to US$1,738.4 an ounce. Gold is on course to decline for five sessions in a row.

TechnologyOne shares downgraded

Although TechnologyOne Ltd (ASX: TNE) delivered a strong full year result on Tuesday, analysts at Morgans have downgraded the enterprise software provider’s shares to a hold rating with an improved price target of $13.50. It commented: “We view this as another high quality result […] following an 18% share price run in the last 6 months we move to a Hold recommendation.”

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

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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 positions in and has recommended Netwealth and WiseTech Global. The Motley Fool Australia has positions in and has recommended Netwealth and WiseTech Global. The Motley Fool Australia has recommended TechnologyOne Limited. 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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