On Tuesday, the S&P/ASX 200 Index (ASX: XJO) recorded a small gain. The benchmark index rose 0.15% to 8,579.7 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 on Wednesday following a solid night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% higher this morning. In late trade in the United States, the Dow Jones is up 0.45%, the S&P 500 is up 0.25%, and the Nasdaq is 0.65% higher.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1.1% to US$58.67 a barrel and the Brent crude oil price is down 1.15% to US$62.45 a barrel. This was driven by oversupply concerns.
Hold Graincorp shares
The team at Bell Potter thinks that Graincorp Ltd (ASX: GNC) shares are fully valued at current levels. This morning, the broker has reaffirmed its hold rating and $8.50 price target on the grain exporter’s shares. It said: “Wheatcast yield indicators imply a crop broadly consistent with a year ago and GNC should benefit from the removal of CPC outflows and GrainsConnect losses (+$50m YOY). Against this global grain supply remains high (limiting marketing returns) and crush margins appear to be a modest YOY tailwind.”
Gold price falls
It could be a poor session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Wednesday after the gold price tumbled overnight. According to CNBC, the gold futures price is down 1.1% to US$4,229 an ounce. Traders were taking profit after a strong rebound in the precious metal.
Buy Beacon shares
Bell Potter thinks investors should be buying Beacon Lighting Group Ltd (ASX: BLX) shares. This morning, the broker has initiated coverage on the specialist retailer’s shares with a buy rating and $3.35 price target. It said: “On an FY26e P/E basis (~20x), we view BLX’s leading market position in a fragmented market (~12% market share) and vertically integrated business model (FY25 GM ~69%) as attractive and unique characteristics for a specialty goods retailer. We believe the business is well positioned to take advantage of a recovering retail environment, supported by a strong housing market and construction outlook.”
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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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