On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form and charged higher. The benchmark index jumped 0.9% to 8,070.6 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 for another good session 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 31 points or 0.4% higher this morning. In the United States, the Dow Jones was up 0.75%, the S&P 500 rose 0.6%, and the Nasdaq pushed 0.55% higher.
Oil prices tumble
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 3% to US$60.19 a barrel and the Brent crude oil price is down 2.8% to US$64.01 a barrel. Traders were selling oil amid concerns that OPEC+ will boost its output.
Buy Boss Energy shares
Boss Energy Ltd (ASX: BOE) shares could be undervalued according to analysts at Bell Potter. In response to the uranium producer's quarterly update, the broker has reaffirmed its buy rating and $4.65 price target. This implies potential upside of 45% for investors from current levels. It said: "At spot prices, BOE trades on a Fwd EV/EBITDA multiple of 10.4x in FY26 and 12.0x in FY27 (once production is fully ramped up), under our price deck this comes down to 3.2x and 3.8x. We continue to see positive fundamentals for uranium, absent the depressed spot price, and forecast a strong 4QFY25 result for Honeymoon."
Gold price softens
It could be a subdued session for ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price eased back overnight. According to CNBC, the gold futures price is down 0.5% to US$3,330.1 an ounce. Easing trade tensions put pressure on the safe haven asset.
Coles update
The Coles Group Ltd (ASX: COL) share price will be on watch on Wednesday when the supermarket giant releases its third quarter update. According to a note out of UBS, its analysts are expecting the company to post a 3.5% increase in sales to $10.4 billion. This is just short of the consensus estimate of $10.5 billion.
