On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and raced higher. The benchmark index rose 0.95% to 8,555.5 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 following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 0.1% higher this morning. In the United States, the Dow Jones was up 1.2%, the S&P 500 rose 1.1%, and the Nasdaq jumped 1.4%.
Oil prices sink
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have another tough session after oil prices sank again overnight. According to Bloomberg, the WTI crude oil price is down 5.2% to US$64.97 a barrel and the Brent crude oil price is down 5.2% to US$67.77 a barrel. The Israel-Iran ceasefire has eased supply concerns.
Lithium miners on watch
Liontown Resources Ltd (ASX: LTR) and Pilbara Minerals Ltd (ASX: PLS) shares could have a good session after investors on Wall Street bid lithium miners higher. The likes of Sociedad Química y Minera de Chile (NYSE: SQM) and Albemarle Corp (NYSE: ALB) both charged higher after investor sentiment improved following the aforementioned ceasefire.
Gold price tumbles
It could be a poor session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price tumbled overnight. According to CNBC, the gold futures price is down 1.7% to US$3,338.3 an ounce. This was driven by falling demand for safe haven assets on the belief that the Iran-Israel ceasefire will hold.
Buy Aristocrat shares
Analysts at Bell Potter think that Aristocrat Leisure Ltd (ASX: ALL) shares are good value at present. This morning, the broker has retained its buy rating and $79.00 price target on the gaming technology company's shares. It said: "We continue to expect ALL's leading R&D investment will drive share gains in each of the markets it operates in. 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."
