On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form after recent weakness and pushed higher. The benchmark index rose 0.4% to 6,496.2 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to gove back yesterday’s gains on Wednesday after a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 42 points or 0.65% lower this morning. On Wall Street, the Dow Jones dropped 0.4%, the S&P 500 fell 0.2%, and the Nasdaq edged 0.25% higher.
Oil prices rebound
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 2.3% to US$78.50 a barrel and the Brent crude oil price has risen 2.5% to US$86.14 a barrel. This was driven by supply cuts in the Gulf.
Westpac rated as a buy
The Westpac Banking Corp (ASX: WBC) share price remains great value according to analysts at Goldman Sachs. This morning the broker has retained its conviction buy rating with an improved price target of $27.08. Goldman believes that “product profitability suggests consensus NIM forecasts remain conservative given higher rates.” This has led to the broker bumping its Westpac NIM estimate by 3 basis points and cash earnings per share by 2.1% in FY 2024.
Gold price higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.2% to US$1,636.7 an ounce. A cooling US dollar boosted the gold price.
ASX annual general meeting
The ASX Ltd (ASX: ASX) share price dropped to a 52-week low on Tuesday. Shareholders will no doubt be hoping that management has something positive to say at its annual general meeting today to get the stock exchange operator’s shares heading in the right direction once again.
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.
More reading
- Why did the Macquarie share price trail the other ASX 200 banks today?
- Woodside share price rebounds as energy stocks surge on Tuesday
- Down 15% in a month, could rate hikes bring more pain for the Beach Energy share price?
- 5 things to watch on the ASX 200 on Tuesday
- Why is the Woodside share price tumbling 5% on Monday?
Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 Corporation. 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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