On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a strong session thanks to the miners and charged higher. The benchmark index rose 0.45% to 7,339.7 points.
Will the market be able to build on this Wednesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to rise again Wednesday following a solid night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 17 points or 0.25% higher this morning. In the United States, the Dow Jones rose 0.1%, the S&P 500 climbed 0.3%, and the Nasdaq charged 0.6% higher.
Oil prices storm higher
It looks set to be another good session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$79.53 a barrel and the Brent crude oil price has risen 1.1% to US$83.61 a barrel. Tightening supplies sent oil prices to fresh three-month highs.
Rio Tinto results
The Rio Tinto Ltd (ASX: RIO) share price will be in focus today. That's because the mining giant is scheduled to release its half-year results after the market close. Goldman Sachs expects Rio Tinto to report "underlying earnings of US$5.6bn, down 35% YoY; underlying EBITDA of US$11.9bn (vs. Visible Alpha Consensus Data of US$12.4bn prior to the 2Q update), net debt of US$3.3bn, and DPS of US$1.73/sh."
Gold price higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price rose overnight. According to CNBC, the spot gold price is up 0.2% to US$1,966.2 an ounce. A softer US dollar boosted the precious metal.
Pilbara Minerals rated neutral
The Pilbara Minerals Ltd (ASX: PLS) share price could be almost fully valued now according to analysts at Goldman Sachs. This morning the broker has reiterated its neutral rating with an improved price target of $5.10. It said: "We rate PLS a relative Neutral on valuation trading at ~1.2x NAV (in line with peer average ~1.2x), or pricing ~US$1,350/t spodumene."
