On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.6% to 8,466.7 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 positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.3% higher this morning. In the United States, the Dow Jones was up 0.5%, the S&P 500 rose 0.6%, and the Nasdaq jumped 0.8%.
Oil prices rise
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent session after oil prices pushed higher again overnight. According to Bloomberg, the WTI crude oil price is up 0.65% to US$63.32 a barrel and the Brent crude oil price is up 1.45% to US$65.56 a barrel. Geopolitical concerns and a weaker US dollar boosted prices.
Qantas shares on watch
Qantas Airways Ltd (ASX: QAN) shares will be on watch on Wednesday. That's because rival Virgin Australia is largely expected to announce its IPO plans today. And with the airline tipped to trade at a discount to Qantas, it is possible that some investors could switch allegiances if they like what they see. Qantas shares are up 76% over the past 12 months.
Gold price falls
It could be a subdued session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price fell overnight. According to CNBC, the gold futures price is down 0.6% to US$3,377.2 an ounce. Traders were selling gold ahead of the potential Trump-Xi call.
Buy Aristocrat shares
Analysts at Bell Potter think that investors should be buying Aristocrat Leisure Ltd (ASX: ALL) shares. This morning, the broker has named the gaming technology company as one of its top picks for June. It has a buy rating and $79.00 price target on its shares. The broker said: "We expect ALL's industry leading R&D investment will drive share gains in each of the markets it operates in, translating into 14% continuing constant currency EPS CAGR to CY27e over FY24. The success of Phoenix Link, which is growing at record levels, is one such example of ALL's R&D flywheel expected to bear fruits in the near term, with the game having grown its install base at a record pace in its first 6 months post launch."
