On Tuesday, the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and slipped into the red. The benchmark index fell slightly to 8,374 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to rise on Wednesday following a positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 55 points or 0.65% higher this morning. In late trade in the United States, the Dow Jones is up 0.35%, the S&P 500 is up 0.7%, and the Nasdaq is 1.3% higher.
Nufarm shares upgraded
Nufarm Ltd (ASX: NUF) shares are a buy according to analysts at Bell Potter. This morning, the broker has upgraded the agricultural chemicals company's shares to a buy rating with an improved price target of $4.35 (from $4.25). It said: "Our upgrade is predicated: (1) NUF's discount to global peers, which has widened in recent months (from ~13% at FY24 results to ~25%); (2) a bottoming trend in export values ex-China reversing some of the pricing headwinds of FY24; (3) we expect NUF and peers to commence cycling softer YOY comparisons from 1Q25; and (4) little or no value ascribed for the upside in Beyond yield initiatives."
Oil prices mixed
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.35% to US$72.91 a barrel and the Brent crude oil price is up 0.55% to US$76.37 a barrel. Traders appear unsure where oil is going next given trade tariff uncertainty.
Gold price hits record high
It could be a good session for ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price rose to a new record high overnight. According to CNBC, the gold futures price is up 0.6% to US$2,874.6 an ounce. Tariff uncertainties gave the precious metal a boost from safe haven demand.
Pinnacle results
Pinnacle Investment Management Group Ltd (ASX: PNI) shares will be on watch on Wednesday after the company released its half year results and reported a surge in profits. The investment management company's net profit after tax was up 151% over the prior corresponding period to $75.7 million. This allowed the Pinnacle board to lift its interim dividend by 112% to 33 cents per share.
