On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and charged higher. The benchmark index rose 0.85% to 7,489.1 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
Image Source: Getty Images
ASX 200 expected to rise again
The Australian share market looks set for another good session on Wednesday following a solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 42 points or 0.55% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.55%, the S&P 500 has risen 0.5%, and the Nasdaq is 0.5% higher.
Oil prices rise
It could be a good session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.5% to US$73.58 a barrel and the Brent crude oil price is up 1.65% to US$79.24 a barrel. Oil prices rose in response to Red Sea attacks.
Miners on watch
BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) look set to have another positive session on Wednesday after storming higher on Wall Street overnight. Both miners are likely to hit new 52-week highs today.
Gold price higher
ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a positive session on Wednesday after the gold price pushed higher. According to CNBC, the spot gold price is up 0.6% to US$2,052.6 an ounce. This was driven by softening bond yields.
Allkem merger approved
Allkem Ltd (ASX: AKE) shares will be on watch today after shareholders voted in favour of its merger with Livent Corp (NYSE: LTHM). That vote means that the lithium miner will leave the ASX boards later this week and be replaced with the stock of the merged entity, Arcadium Lithium. This is expected to occur on Friday.
