5 things to watch on the ASX 200 on Wednesday
On Tuesday, the S&P/ASX 200 Index (ASX: XJO) fought hard and recorded a small gain. The benchmark index rose 0.15% to 8,537 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to rise again on Wednesday following a positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 81 points or 0.95% higher this morning. In late trade in the United States, the Dow Jones is up 1.25%, the S&P 500 is up 0.6%, and the Nasdaq is 0.2% higher.
Oil prices tumble
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.55% to US$57.93 a barrel and the Brent crude oil price is down 1.5% to US$62.44 a barrel. This was driven by reports that Ukraine is ready to accept a Russian peace deal.
Annual general meetings
A number of ASX 200 shares will be on watch today when they hold their annual general meetings. Among the companies holding events are retail giant Harvey Norman Holdings Ltd (ASX: HVN), lithium miner Liontown Resources Ltd (ASX: LTR), and rare earths producer Lynas Rare Earths Ltd (ASX: LYC). It is possible that they will release trading updates before the market opens.
Gold price rises
It could be a good session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Wednesday after the gold price stormed higher overnight. According to CNBC, the gold futures price is up 1% to US$4,134.7 an ounce. US interest rate cut optimism has given the gold price a lift.
Buy IPD shares
The team at Bell Potter thinks investors should be buying IPD Group Ltd (ASX: IPG) shares. This morning, the broker has retained its buy rating and $5.00 price target on this electrical solutions company's shares. It said: "IPG is well positioned to capitalise on the Commercial construction market recovery currently underway as well as continued strong momentum in Data Centre and Infrastructure construction activity. IPG represents a relatively undervalued Industrials business compared with the ASX300 Industrials index with strong re-rate potential, in our view."
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.
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 positions in and has recommended Ipd Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd. The Motley Fool Australia has positions in and has recommended Harvey Norman and Ipd Group. 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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