On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark index rose 0.4% to 7,305 points.
Will the market be able to build on this Wednesday? Here are five things to watch:
ASX 200 expected to sink
The Australian share market looks set to sink on Wednesday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 75 points or 1% lower this morning. In the United States, the Dow Jones fell 1%, the S&P 500 dropped 1.15%, and the Nasdaq tumbled 1.15%.
Computershare results
The Computershare Ltd (ASX: CPU) share price will be one to watch following the release of the company's FY 2023 results after the market close yesterday. Computershare reported a 27.2% increase in management revenue to US$3.3 billion and an 89.3% jump in management earnings per share to 109.7 US cents.
Oil prices tumble
It looks set to be a difficult session for ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.8% to US$80.98 a barrel and the Brent crude oil price has fallen 1.5% to US$84.91 a barrel. This was driven by concerns over the state of the Chinese economy.
Gold price falls
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor session after the gold price fell overnight. According to CNBC, the spot gold price is down 0.5% to US$1,933.7 an ounce. Traders have been selling gold this month amid a stronger US dollar.
Pro Medicus named as a buy
Pro Medicus Limited (ASX: PME) shares could be heading higher according to Goldman Sachs. This morning, the broker has retained its buy rating with a price target of $80. The broker was impressed with the company's FY 2023 result and expects more of the same in the coming years. It said: "We now forecast revenue growth of +26% in FY24 and a +19% CAGR from FY23-26E."
Go the Matildas!
