On Tuesday, the S&P/ASX 200 Index (ASX: XJO) fought back from a poor start to end the day only a fraction lower. The benchmark index dropped slightly to 8,724.4 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 to rise
The Australian share market looks set for a better day on Wednesday following a positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 37 points or 0.4% higher. In the United States, the Dow Jones rose 0.45%, but the S&P 500 rose 0.15% and the Nasdaq edged slightly higher.
Oil prices rise
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.5% to US$93.54 a barrel and the Brent crude oil price is up 0.9% to US$95.87 a barrel. This has been driven by concerns over rising tensions between the US and Iran.
Buy 4D Medical shares
Bell Potter remains bullish on 4DMedical Ltd (ASX: 4DX) shares. This morning, the broker has retained its speculative buy rating on the medical technology company’s shares with an improved price target of $6.00 (from $4.85). It said: “The clinical data from the CLEAR study will provide the necessary evidence to further support broad adoption for diagnosis of PE [Pulmonary Embolism]. Outpatient reimbursement will continue under the existing category III CPTA codes paid at US$650/scan. TAM for this market is estimated at $2.5bn annually.”
Gold price rises
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a decent session on Wednesday after the gold price rose overnight. According to CNBC, the gold futures price is up 0.3% to US$4,519.2 an ounce. Traders appear to believe the precious metal has been oversold.
Hold Graincorp shares
Bell Potter thinks Graincorp Ltd (ASX: GNC) shares are fully valued. This morning, the broker has retained its hold rating on the grain exporter’s shares with a reduced price target of $5.20 (from $5.90). It said: “In the June report we noted a seven year low in east coast winter crop acreage sown and a seven year low in southeastern (VIC/NSW/SA) canola production. Key months are now the August-September window, which are crucial for yield development in a potentially dryer backdrop.”
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
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- Why has the gold price fallen 17% since the Iran war began?
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.