On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had disappointing session and dropped into the red. The benchmark index fell 0.75% to 8,208.9 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 poor session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points or 0.05% higher. On Wall Street, the Dow Jones was down 0.4%, the S&P 500 dropped 0.9%, and the Nasdaq sank 1.55%.
Oil prices jump
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 3.3% to US$70.41 a barrel and the Brent crude oil price is up 3.25% to US$74.02 a barrel. Escalating tensions in the Middle East boosted oil prices.
WiseTech named as a hold
WiseTech Global Ltd (ASX: WTC) shares hit a record high on Tuesday. One leading broker that believes this could be the top for the time being is Bell Potter. This morning, the broker has retained its hold rating with an improved price target of $132.50. It said: "We are very positive on the outlook for WiseTech – as evidenced by our strong revenue and earnings growth forecasts – but believe the stock looks expensive on an FY25 PE ratio and EV/EBITDA of 120x and 67x respectively."
Gold price rebounds
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a very good session after the gold price rebounded overnight. According to CNBC, the gold futures price is up 0.8% to US$2,679.9 an ounce. This was driven by increased demand for safe haven assets after tensions escalated in the Middle East.
Collins Foods names new CEO
Collins Foods Ltd (ASX: CKF) shares will be on watch on Wednesday after the KFC-focused quick service restaurant operator named its new CEO. The company has appointed Xavier Simonet as its new managing director and CEO. He is currently the CEO of Austrade, which is the Australian Government agency responsible for the promotion of international trade and investment. Simonet was previously the CEO of ASX-listed KMD Brands Ltd (ASX: KMD).
