On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.2% to 7,236 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 fall on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 12 points or 0.2% lower this morning. On Wall Street, the Dow Jones was down 0.6%, the S&P 500 fell 0.6% and the Nasdaq dropped 0.5%.
Oil prices mixed
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued session after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is up 0.2% to US$80.56 a barrel and the Brent crude oil price has fallen 0.1% to US$84.85 a barrel. Traders appear to believe prices may have peaked after storming higher following OPECâs production cuts.
Chalice shares are a buy
The Chalice Mining Ltd (ASX: CHN) share price may be nearing a 52-week high but one broker believes it can still rising materially from here. According to a note out of Bell Potter, its analysts have retained their speculative buy rating with an improved price target of $12.00. This implies potential upside of 63% for investors.
Gold price charges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price rose again overnight. According to CNBC, the spot gold price is up 1.9% to US$2,039.2 an ounce. The precious metal stormed higher after treasury yields softened in response to the release of US economic data that was supportive of slower rate hikes.
Dividend payday
A large number of ASX 200 shares will be paying their latest dividends on Wednesday. This includes biotherapeutics company CSL Limited (ASX: CSL), job listings giant Seek Ltd (ASX: SEK), and energy producer Woodside Energy Group Ltd (ASX: WDS).
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
- Why are ASX 200 lithium shares having such a miserable week?
- Here are the top 10 ASX 200 shares today
- Here are the 3 most heavily traded ASX 200 shares on Tuesday
- Why did the Flight Centre share price go backwards in March?
- ASX 200 rebounds after RBA hits pause on its rate hikes
Motley Fool contributor James Mickleboro has positions in CSL and Seek. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has recommended Seek. 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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