On Tuesday, the S&P/ASX 200 Index (ASX: XJO) fought hard and managed to record a small gain. The benchmark index rose 0.1% to 8,677.2 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 on Wednesday following a relatively positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 40 points or 0.45% higher this morning. In the United States, the Dow Jones was up 0.4% and the S&P 500 rose slightly, but the Nasdaq fell 0.4%.
Oil prices fall
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.25% to US$66.36 a barrel and the Brent crude oil price is down 0.6% to US$68.80 a barrel. Traders were selling oil as the US trade tariff deadline grew closer.
Woodside update
All eyes will be on Woodside Energy Group Ltd (ASX: WDS) shares this morning when the energy giant releases its second quarter update. According to a note out of Citi, its analysts believe that Woodside could deliver a result ahead of consensus estimates thanks to a stronger realised price. It is forecasting production growth of 1% and revenue growth of 4%.
Gold price charges higher
It looks set to be a good session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Wednesday after the gold price charged higher overnight. According to CNBC, the gold futures price is up 1.1% to US$3,444.5 an ounce. Concerns about trade tariffs appear to be behind this rise.
Buy WiseTech shares
Bell Potter thinks that investors should be buying WiseTech Global Ltd (ASX: WTC) shares right now. This morning, the broker has retained its buy rating and lifted its price target on the logistics solutions company's shares to $135.00 (from $122.50). It said: "Ahead of what we expect to be a good FY25 result with a potential beat on margin and FY26 guidance generally consistent with consensus we have increased the multiples we apply in the EV/EBITDA and PE ratio valuations. […] We note that WiseTech and Technology One trade on similar FY26 EV/EBITDA multiples and PE ratios and in our view WiseTech deserves to trade on a premium given its superior growth outlook."
