On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and recorded a small gain. The benchmark index rose 0.2% to 6,856.9 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 rise again on Wednesday following a strong session on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.25% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.75%, the S&P 500 has risen 0.75%, and the Nasdaq is 0.9% higher.
Oil prices tumble
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 2% to US$83.78 a barrel and the Brent crude oil price has fallen 1.9% to US$88.13 a barrel. Weak economic data out of Europe has caused demand concerns.
Woolworths Q1 update
Woolworths Group Ltd (ASX: WOW) shares will be on watch this morning when the retail giant releases its first quarter update. According to a note out of UBS, its analysts are expecting the company to report a 4.7% increase in sales to $17.2 billion.
Gold price edges lower
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued session after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.1% to US$1,984.7 an ounce. Traders appear to be locking in gains after a strong rise recently.
TechnologyOne named as a buy
TechnologyOne Ltd (ASX: TNE) shares could be great value according to analysts at Goldman Sachs. This morning, the broker has reiterated its buy rating and $18.30 price target on the enterprise technology company's shares. It said: "In our view, TNE's current valuation does not account for its above-trend earnings growth outlook, nor the defensiveness of its earnings in a more challenging macro environment."
