5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.3% to 7,203.3 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 push higher on Wednesday following a positive but volatile night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 14 points or 0.2% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.3%, the S&P 500 is up 0.7%, and the Nasdaq is up 1%. The latter was up almost 4% at one stage after a better than expected US inflation report.

Oil prices surge

It could be a good day for energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rose strongly overnight. According to Bloomberg, the WTI crude oil price is up 3.1% to US$75.44 a barrel and the Brent crude oil price has risen 3.6% to US$79.14 a barrel. Oil prices jumped after US inflation came in lower than expected.

Annual general meetings

There are a number of annual general meetings being held on Wednesday. Among the ASX 200 shares holding meetings are Australia’s oldest bank Westpac Banking Corp (ASX: WBC), fund manager Magellan Financial Group Ltd (ASX: MFG), and commercial explosives company Orica Ltd (ASX: ORI).

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price stormed higher overnight. According to CNBC, the spot gold price is up 1.7% to US$1,822.3 an ounce. Once again, the lower than expected US inflation reading boosted the precious metal.

Woolworths remains a buy

The Woolworths Group Ltd (ASX: WOW) share price remains good value according to analysts at Goldman Sachs. In response to reports that the retail giant has sold almost a third of its Endeavour Group Ltd (ASX: EDV) holding, the broker has retained its buy rating and $41.70 price target. Goldman suspects that the funds will be used to acquire a 50% stake in PETstock for ~A$600 million. It feels this “would be in line with its eco-system growth strategy.”

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
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• How I’d try to make $1 million by investing $5 a day in ASX 200 shares
• Woodside share price holds steady despite oil giant’s warning over gas intervention
• Tyro share price rebounds 14% as rumours swirl over next moves

Motley Fool contributor James Mickleboro has positions in Westpac Banking. 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 recommended Westpac Banking. 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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