5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) pushed higher again and recorded a modest gain. The benchmark index rose 0.35% to 6,958.9 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 despite a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 19 points or 0.3% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.5%, the S&P 500 is down 0.1%, and the Nasdaq is down 0.35%.

Oil prices drop

Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a difficult day after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 2.5% to US$89.47 a barrel and the Brent crude oil price has fallen 2.1% to US$95.85 a barrel. Chinese demand concerns weighed on prices.

NAB results

The National Australia Bank Ltd (ASX: NAB) share price will be on watch today when the banking giant releases its full year results. According to a note out of Goldman Sachs, its analysts are expecting NAB to report cash earnings of $7,215 million. This represents a 10% increase year over year. A final dividend of 77 cents per share is expected to be declared.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 2.1% to US$1,716.3 an ounce. Gold rose thanks to softness in the US dollar.

AGMs being held

A number of ASX 200 shares are holding their annual general meetings today and could provide the market with updates on their performance. This includes supermarket operator Coles Group Ltd (ASX: COL), property listings company Domain Holdings Australia Ltd  (ASX: DHG), and gold miner Newcrest Mining Ltd (ASX: NCM).

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

• Here are the top 10 ASX 200 shares today  
• Here are the 3 most traded ASX 200 shares on Tuesday
• These 10 predictions could help you profit from the stock market regardless of inflation, interest rates or even another bear market
• Why did the Woodside share price just hit an 8-year high?
• Guess which ASX 200 director sold $6.5m worth of their company shares last week

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 positions in and has recommended COLESGROUP DEF SET. 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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