On Tuesday the S&P/ASX 200 Index (ASX: XJO) was back on form and pushing higher. The benchmark index rose 0.15% to 7,292.6 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to rise
It looks set to be a positive day of trade for the Australian share market on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 19 points or 0.25% higher this morning. This follows a reasonably positive night of trade on Wall Street, which saw the Dow Jones and S&P 500 trade flat and the Nasdaq rise 0.3%.
Oil prices charge higher
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a solid day on Wednesday after oil prices charged higher. According to Bloomberg, the WTI crude oil price is up 1.4% to US$70.19 a barrel and the Brent crude oil price is up 1.2% to US$72.34 a barrel. News that the US won’t be lifting all its sanctions on Iran gave oil prices a boost.
ResMed given neutral rating
The ResMed Inc (ASX: RMD) share price is about fair value according to Goldman Sachs. In response to its appearance at a Goldman Sachs conference, the broker has retained its neutral rating and $28.40 price target on its shares. It notes that ResMed reported that a sequential improvement in new diagnoses continues to develop. It also believes a new product launch could drive uptick in device growth.
Gold price softens
Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) will be on watch after the gold price softened overnight. According to CNBC, the spot gold price is down 0.2% to US$1,895.30 an ounce. The precious metal eased ahead of the release of US inflation data on Thursday.
Iron ore price rebounds
BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) shares could be on the rise today. This follows a solid night of trade for the price of the steel making ingredient. According to Metal Bulletin, the spot iron ore price is up 3.5% to US$209.50 a tonne.