5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a good session and pushed higher. The benchmark index rose 0.45% to 7,824.2 points.

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

ASX 200 expected to rise

It looks set to be another positive session for the Australian share market on Wednesday following a decent night in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.4% higher. On Wall Street, the Dow Jones edged slightly lower, the S&P 500 rose 0.15%, and the Nasdaq climbed 0.3%.

Oil prices tumble

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.3% to US$85.33 a barrel and the Brent crude oil price is down 1% to US$89.50 a barrel. The oil rally ran out of steam overnight after traders decided to take profit following some strong gains.

Gold price breaks new record

ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a great session on Wednesday after the gold price stormed higher again overnight. According to CNBC, the spot gold price is up 0.9% to US$2,371.8 an ounce. The precious metal hit a new record high amid increased buying from central banks and because of geopolitical risks.

Wesfarmers rated as a buy

Goldman Sachs thinks that Wesfarmers Ltd (ASX: WES) shares are a good option for investors. This morning, the broker retained its buy rating and lifted its price target on the conglomerate’s shares to $68.80. Goldman’s analysts “believe that several corporate wide opportunities remain under-appreciated by the market. These include Digital, Retail Media and the WES Health platform.” It highlights that “WES has the largest volume of consumer data assets including 63mn monthly retail (1H24) website visits and 14.2mn total loyalty members across Flybuys, Priceline and PowerPass.”

Dividend payday

A number of ASX 200 shares will be rewarding their shareholders with dividend payments on Wednesday. Among the companies paying dividends are media giant News Corporation (ASX: NWS), private health insurance company NIB Holdings Limited (ASX: NHF), and plumbing parts company Reece Ltd (ASX: REH). The latter will be paying its shareholders a fully franked dividend of 8 cents per share.

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

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Here are the top 10 ASX 200 shares today
• Buy Coles and these ASX dividend stocks now
• Buying ASX 200 gold stocks? Here’s why the record gold price could keep charging higher
• How ASX 200 energy stocks could soon enjoy US$100 oil prices
• The best ASX buys I’d grab to beat the market without a tonne of risk

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Wesfarmers. The Motley Fool Australia has positions in and has recommended NIB Holdings and Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/qs0WxHQ