On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and slipped into the red. The benchmark index ended the day 0.15% lower at 7,724.2 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to edge higher on Wednesday despite a very poor session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points higher. In late trade on Wall Street, the Dow Jones is down 1.1%, the S&P 500 has fallen 1.2%, and the Nasdaq is 1.95% lower.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.6% to US$78.26 a barrel and the Brent crude oil price is down 0.8% to US$82.12 a barrel. Traders were selling oil despite China unveiling its growth plans.
Buy Graincorp shares
The Graincorp Ltd (ASX: GNC) share price could be good value according to analysts at Bell Potter. It has retained its buy rating and $9.30 price target on the grain exporter's shares following the release of the March ABARE crop report. It notes that the "report highlighted an uplift in the 2023-24 winter and summer crop forecast, having implications for both CPC (crop protection contract) payments and likely receival outcomes."
Gold price continues to rise
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have another good session on Wednesday after the gold price pushed higher again overnight. According to CNBC, the spot gold price is up 0.75% to US$2,142.4 an ounce. Rate cut bets have pushed gold to record highs.
ASX 200 shares going ex-dividend
A number of ASX 200 shares are going ex-dividend this morning and could trade lower. This includes Monadelphous Group Ltd (ASX: MND), Northern Star, QBE Insurance Group Ltd (ASX: QBE), Super Retail Group Ltd (ASX: SUL), and Treasury Wine Estates Ltd (ASX: TWE) shares.
