5 things to watch on the ASX 200 on Wednesday
On Tuesday, the S&P/ASX 200 Index (ASX: XJO) fought back from a poor start to end the day flat a fraction higher at 8,793.3 points.
Will the market be able to push on from this on Wednesday? Here are five things to watch:
ASX 200 to rise
The Australian share market looks set for a good session on Wednesday following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 22 points or 0.25% higher. In the United States, the Dow Jones rose 0.75%, the S&P 500 climbed 0.9%, and the Nasdaq stormed 1.3% higher.
Oil prices rise again
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have another good session on Wednesday after oil prices charged higher again overnight. According to Bloomberg, the WTI crude oil price is up 2.1% to US$84.99 a barrel and the Brent crude oil price is up 2.6% to US$91.51 a barrel. Traders bid oil prices to five-week highs following reports of more US-Iran attacks.
Buy Hub24 shares
Bell Potter sees lots of value in Hub24 Ltd (ASX: HUB) shares following the release of its quarterly update. This morning, the broker retained its buy rating and $110.00 price target on the investment platform provider's shares. This implies potential upside of 35% for investors. It commented: "Our Buy recommendation is unchanged. Class is improving, with superannuation net inflows growing as a share, and boosting the result. The addition of retirement income streams (TAL) should support this trend and the result leaves FY27 target parts intact."
Gold price rebounds
ASX 200 gold shares Westgold Resources Ltd (ASX: WGX) and Northern Star Resources Ltd (ASX: NST) could have a good session on Wednesday after the gold price rebounded. According to CNBC, the gold futures price is up 1.8% to US$4,088.5 an ounce. The precious metal climbed amid hopes that there could be a de-escalation in Middle East tensions.
Quarterly updates
There are a number of ASX 200 shares that are scheduled to release quarterly updates on Wednesday. This includes gold miner Westgold Resources, rare earths producer Lynas Rare Earths Ltd (ASX: LYC), and uranium producer Paladin Energy Ltd (ASX: PDN).
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 Hub24. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd. The Motley Fool Australia has recommended Hub24. 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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