On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a strong session and charged higher. The benchmark index rose 0.9% to 8,374 points.
Will the market be able to build on 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 decent session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 3 points higher. In late trade on Wall Street, the Dow Jones is down 0.1%, but the S&P 500 is up 0.45%, and the Nasdaq is 1% higher.
Oil prices largely flat
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued session after oil prices traded largely flat overnight. According to Bloomberg, the WTI crude oil price is up 0.1% to US$69.22 a barrel and the Brent crude oil price is steady at US$73.28 a barrel. Oil prices have been rising after Russia-Ukraine tensions increased.
Web Travel results
Web Travel Group Ltd (ASX: WEB) shares will be on watch on Wednesday when the business to business travel technology company releases its half year results. These will be the first results the company has released since spinning off its Webjet Group (ASX: WJL) online travel booking business. WebBeds Total Transaction Value and Bookings are expected to be significantly ahead of the prior corresponding period, however its underlying EBITDA margins are expected to fall to ~44%.
Gold price rises
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 pushed higher overnight. According to CNBC, the gold futures price is up 0.75% to US$2,633.9 an ounce. Concerns over rising Russia-Ukraine tensions gave the precious metal a boost.
BHP shares named as a buy
BHP Group Ltd (ASX: BHP) shares could be great value according to analysts at Goldman Sachs. According to the note, the broker has put a buy rating and $47.30 price target on the mining giant's shares. It said: "Over the last 10 years, BHP has traded at a ~0.5x premium to global mining peers. We believe this premium can be partly maintained due to ongoing superior margins and operating performance (particularly in Pilbara iron ore where BHP maintains superior FCF/t vs. peers)."
