On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a decent session and pushed higher. The benchmark index rose 0.3% to 8,011.9 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to rise again on Wednesday following a decent session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 39 points or 0.5% higher. On Wall Street, the Dow Jones was down 0.2%, but the S&P 500 rose 0.45% and the Nasdaq jumped 0.85%.
Oil prices sink to 2021 levels
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a difficult session on Wednesday after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.6% to US$66.26 a barrel and the Brent crude oil price is down 3.1% to US$69.64 a barrel. Oil prices dropped to their lowest level since December 2021 after OPEC lowered its demand forecast for the second time in two months.
NextDC capital raising
Nextdc Ltd (ASX: NXT) shares will be on watch today after the data centre operator announced a $750 million capital raising. This comprises a fully underwritten $550 million institutional placement and a non-underwritten share purchase plan of up to $200 million. The placement is fully underwritten at $17.15 per share, which represents a modest 3.9% discount to its last close price. The proceeds will be used for the acquisition of new data centre development sites in Asia.
Gold price climbs
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good session after the gold price climbed overnight. According to CNBC, the gold futures price is up 0.5% to US$2,546.2 an ounce. Traders were bidding the precious metal higher ahead of the release of US inflation data.
Buy Life360 shares
Life360 Inc (ASX: 360) shares are in the buy zone according to analysts at Goldman Sachs. This morning, the broker has reaffirmed its buy rating and $19.75 price target on the location technology company's shares. In response to the company's appearance at the Communacopia + Technology Conference 2024, the broker said: "Management discussed: (1) Ample runway for subscription business in the US; (2) International expansion progressing well with new markets ahead; (3) Advertising strategy on track, significant LT opportunity; (4) 25% EBITDA margins could be brought forward; and (5) Considering product adjacencies and M&A."
