On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.45% to 7,279 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to run out of steam on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 19 points or 0.25% lower this morning. This follows a poor night of trade in Europe while Wall Street was closed for Independence Day. This saw the DAX fall 0.25% and the FTSE drop 0.1%.
Oil prices storm higher
It could be a good day for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 1.7% to US$71 a barrel and the Brent crude oil price has risen 2% to US$76.12 a barrel. Saudi's supply cut plans boosted prices.
Nanosonics rated as a sell
The team at Bell Potter has reiterated its sell rating on Nanosonics Ltd (ASX: NAN) shares with an improved price target of $4.15. The broker continues to have issues with the medical device company's valuation. It said: "Despite the compelling patient safety focussed sales pitch and top line growth, the valuation continues to represent a challenge."
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price rose overnight. According to CNBC, the spot gold price is up 0.2% to US$1,933.6 an ounce. Traders appear to be betting on a rate hike pause.
Graincorp goes ex-dividend
The Graincorp Ltd (ASX: GNC) share price is likely to trade lower today after going ex-dividend. In May, the grain exporter released its half-year results and declared a fully franked 24 cents per share interim dividend. This will be paid to eligible shareholders later this month on 20 July.
