On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.3% to 7,203.3 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to push higher on Wednesday following a positive but volatile night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 14 points or 0.2% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.3%, the S&P 500 is up 0.7%, and the Nasdaq is up 1%. The latter was up almost 4% at one stage after a better than expected US inflation report.
Oil prices surge
It could be a good day for energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rose strongly overnight. According to Bloomberg, the WTI crude oil price is up 3.1% to US$75.44 a barrel and the Brent crude oil price has risen 3.6% to US$79.14 a barrel. Oil prices jumped after US inflation came in lower than expected.
Annual general meetings
There are a number of annual general meetings being held on Wednesday. Among the ASX 200 shares holding meetings are Australia's oldest bank Westpac Banking Corp (ASX: WBC), fund manager Magellan Financial Group Ltd (ASX: MFG), and commercial explosives company Orica Ltd (ASX: ORI).
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price stormed higher overnight. According to CNBC, the spot gold price is up 1.7% to US$1,822.3 an ounce. Once again, the lower than expected US inflation reading boosted the precious metal.
Woolworths remains a buy
The Woolworths Group Ltd (ASX: WOW) share price remains good value according to analysts at Goldman Sachs. In response to reports that the retail giant has sold almost a third of its Endeavour Group Ltd (ASX: EDV) holding, the broker has retained its buy rating and $41.70 price target. Goldman suspects that the funds will be used to acquire a 50% stake in PETstock for ~A$600 million. It feels this "would be in line with its eco-system growth strategy."
