5 things to watch on the ASX 200 on Wednesday 23 November 2022

5 things to watch on the ASX 200 on Wednesday

Here's what to expect on the ASX 200 on Tuesday…

James Mickleboro

Author Bio James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas. Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends. His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed. Areas of Expertise ASX shares Growth and dividend investing Broker research Interpreting company announcements Market news Portfolio strategy Long-term wealth creation Education Bachelor of Politics, Philosophy and Economics. CFA Institute Social Media LinkedIn Favorite Investment Quote "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett

Published November 23, 2022 6:21 am AEDT

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) found its legs again and charged higher. The benchmark index rose 0.6% to 7,181.3 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

Contented looking man leans back in his chair at his desk and smiles. — Image Source: Getty Images

ASX 200 expected to rise again

The Australian share market looks set to push higher on Wednesday following a positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 47 points or 0.65% higer this morning. In late trade on Wall Street, the Dow Jones is up 1%, the S&P 500 is up 1%, and the Nasdaq is up 0.8%.

Oil prices rise

Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.2% to US$81.04 a barrel and the Brent crude oil price has risen 1.2% to US$88.46 a barrel. News that Saudi Arabia is sticking to its output cuts boosted prices.

Annual general meetings

Another group of ASX 200 shares are scheduled to hold their annual general meetings today and could provide the market with trading updates. Among the companies holding events are property company Abacus Property Group (ASX: ABP), wealth management platform provider Netwealth Group Ltd (ASX: NWL), and logistics solutions company WiseTech Global Ltd (ASX: WTC).

Gold price edges lower

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price edged lower overnight. According to CNBC, the spot gold price is down a fraction to US$1,738.4 an ounce. Gold is on course to decline for five sessions in a row.

TechnologyOne shares downgraded

Although TechnologyOne Ltd (ASX: TNE) delivered a strong full year result on Tuesday, analysts at Morgans have downgraded the enterprise software provider's shares to a hold rating with an improved price target of $13.50. It commented: "We view this as another high quality result […] following an 18% share price run in the last 6 months we move to a Hold recommendation."

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