5 things to watch on the ASX 200 on Wednesday

Here's what to expect on the ASX 200 on Wednesday.

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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.4% to 7,780.2 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 rise slightly on Wednesday following a subdued 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 flat, the S&P 500 has fall 0.15%, and the Nasdaq is down 0.2%.

Oil prices fall

ASX 200 energy shares 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 0.55% to US$81.49 a barrel and the Brent crude oil price is down 0.8% to US$86.04 a barrel. Traders appear to have been taking profit after recent gains.

Gold price edges higher

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch on Wednesday after the gold price edged higher overnight. According to CNBC, the spot gold price is up slightly to US$2,199.1 an ounce. A weaker US dollar boosted the precious metal ahead of the release of US inflation data.

Monadelphous rated as a buy

The Monadelphous Group Ltd (ASX: MND) share price is great value according to analysts at Bell Potter. This morning, the broker initiated coverage on the engineering company's shares with a buy rating and $15.40 price target. It said: "MND's short-and-medium-term outlooks are supported by a growing pipeline of committed developments across the energy, lithium and rare earths sectors, which is expected to drive strong growth by its EC division."

ASX 200 shares going ex-dividend

A large number of ASX 200 shares are going ex-dividend this morning and could trade lower. This includes property companies Arena REIT (ASX: ARF), Centuria Industrial REIT (ASX: CIP), and Healthco Healthcare and Wellness Reit (ASX: HCW), and plumbing parts company Reece Ltd (ASX: REH).

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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