On Tuesday, the S&P/ASX 200 Index (ASX: XJO) gave back the majority of its intraday gains and ended the session modestly higher. The benchmark index rose 0.15% to 8,379.4 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 to rise
The Australian share market looks set to rise again on Wednesday despite a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 67 points or 0.8% higher. In late trade in the United States, the Dow Jones is down 0.1%, the S&P 500 is down 0.35% and the Nasdaq is 0.8% lower.
Buy Life360 shares
Bell Potter sees significant value in Life360 Inc. (ASX: 360) shares at current levels. According to the note, the broker has retained its buy rating on the family safety technology company’s shares with a trimmed price target of $37.75. This implies potential upside of 94% for investors. It said: “We see the release of the Q1 result on 12th May as a potential catalyst given the company has already lowered expectations and the potential of a small beat in adjusted EBITDA.”
Oil prices rebound
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session on Wednesday after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 4% to US$91.68 a barrel and the Brent crude oil price is up 3.6% to US$103.53 a barrel. Traders were buying oil after optimism faded over a de-escalation in the US-Iran war.
Gold price eases
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a subdued session on Wednesday after the gold price traded lower overnight. According to CNBC, the gold futures price is down 0.2% to US$4,399 an ounce. A stronger US dollar and rate hike concerns have weighed on the gold price.
ASX 200 shares going ex-dividend
A number of ASX 200 shares are going ex-dividend this morning and could trade lower. This includes diversified mining services company Perenti Ltd (ASX: PRN), toll road operator Atlas Arteria Group (ASX: ALX) and travel agent Flight Centre Travel Group Ltd (ASX: FLT). Perenti is paying shareholders a 3.3 cents per share dividend on 9 April, Atlas Arteria is paying 20 cents per share on the same day, and Flight Centre is paying 12 cents per share on 16 April.
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
- I’m listening to Warren Buffett and loading up on cheap ASX shares
- ASX gold shares down 31% since war began: What should you do?
- ASX mining shares have slumped but long-term outlook is positive
- 5 most traded ASX 200 shares since the war began
- Why ASX 200 gold stocks like Northern Star and Evolution Mining are storming higher today
Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has positions in and has recommended Life360. The Motley Fool Australia has recommended Flight Centre Travel Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.