On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and edged higher. The benchmark index rose 0.2% to 7,826.8 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 expected to storm higher
The Australian share market looks set rise again on Wednesday following a very good session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 63 points or 0.8% higher. On Wall Street, the Dow Jones was up 1%, the S&P 500 rose 1.7%, and the Nasdaq jumped a sizeable 2.4%.
Oil prices tumble
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough session on Wednesday after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.9% to US$78.52 a barrel and the Brent crude oil price is down 1.8% to US$80.83 a barrel. Slowing demand for oil offset rising tensions in the Middle East.
CBA results
Commonwealth Bank of Australia (ASX: CBA) shares will be on watch on Wednesday when the banking giant releases its highly anticipated full year results. Goldman Sachs is expecting the bank to report a 3.5% decline in cash earnings from continued operations to $9,716 million. This is below the consensus estimate of $9,783 million. The broker also expects a final dividend of 240 cents per share, which is in line with the consensus estimate.
Gold price edges higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a reasonably positive session after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.1% to US$2,506.4 an ounce. Safe haven demand has been lifting the gold price this week.
Buy James Hardie shares
James Hardie Industries plc (ASX: JHX) shares are in the buy zone according to analysts at Goldman Sachs. In response to its first quarter update, the broker has retained its buy rating with a trimmed price target of $55.85. Goldman was pleased with its first quarter performance but a little underwhelmed with its second quarter guidance. The broker commented: "Notwithstanding the forecast revisions we believe that the share price is broadly capitalizing earnings at GSe cyclically subdued FY25 forecasts levels and well below our FY26e estimates. Retain Buy."
