On Tuesday, the S&P/ASX 200 Index (ASX: XJO) gave back the majority of its intraday gains and ended the day only a fraction higher. The benchmark index rose almost 0.1% to 7,942.5 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 rise
The Australian share market looks set to rise on Wednesday despite a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 49 points or 0.6% higher this morning. In late trade in the United States, the Dow Jones is down 0.1%, the S&P 500 is up 0.1%, and the Nasdaq is 0.35% higher.
Oil prices mixed
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.1% to US$69.05 a barrel and the Brent crude oil price is up 0.1% to US$73.07 a barrel. This follows news that Ukraine and Russia have agreed to a Black Sea truce.
Buy Gold Road shares
Gold Road Resources Ltd (ASX: GOR) shares jumped on Tuesday after the gold miner received and rejected a takeover offer. Bell Potter believes the company is worth more than was offered. This morning, the broker has retained its buy rating with an improved price target of $3.20. This implies potential upside of 15% for investors. It said: "The first offer was unlikely to be the best offer, and we think GFI's actions might force GOR back to the negating table. GOR's last closing share price ($2.79ps) implies the market is not convinced that a transaction is likely, but leaves a return for investors with more optimism."
Gold price rises
It could be a decent session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price edged higher overnight. According to CNBC, the gold futures price is up 0.3% to US$3,024.3 an ounce. Safe haven demand gave the precious metal a boost.
Buy Steadfast shares
Steadfast Group Ltd (ASX: SDF) shares could be in the buy zone according to analysts at Goldman Sachs. This morning, the broker has responded to the insurance broker's investor day event by retaining its buy rating and $6.50 price target. This implies potential upside of 13% for investors. It said: "The Australian intermediated market has seen strong growth and SDF's network has also grown market share. Broker usage has increased from 69% to 84% between 2018 to 2025. SCTP (i.e. client trading platform) plays an important role in enabling a contestable marketplace."
