5 things to watch on the ASX 200 on Wednesday

Here's what to expect on the local market on hump day.

Broker looking at the share price.

Image source: Getty Images

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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) fought hard and carved out a small gain. The benchmark index rose 0.2% to 8,899.4 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 despite a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 85 points or 0.95% higher this morning. In late trade in the United States, the Dow Jones is up 0.3%, but the S&P 500 is down 0.3% and the Nasdaq is down 0.9%.

Oil prices fall

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor session after oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is down 1.3% to US$58.72 a barrel and the Brent crude oil price is down 1.45% to US$62.41 a barrel. Oil prices are under pressure from concerns over US-China trade tensions.

CBA AGM

The annual general meetings will continue today and one of the biggest is taking place. Commonwealth Bank of Australia (ASX: CBA) shares will be on watch when it holds its meeting in Brisbane later today. It is possible that Australia's largest bank will provide the market with a trading update ahead of its meeting.

Gold price rises

It looks set to be another good session for ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Wednesday after the gold price continued its rise. According to CNBC, the gold futures price is up 0.8% to US$4,166.3 an ounce. This was driven by trade war concerns and interest rate cut bets.

Buy Paladin Energy shares

Paladin Energy Ltd (ASX: PDN) shares are good value according to analysts at Bell Potter. This morning, the broker has retained its buy rating on the uranium producer's shares with an improved price target of $11.35 (from $10.30). It said: "PDN is entering a period of relative stability, with a rising uranium spot and term price. As LHM production steadies, the market should gain comfort around the performance of the asset and value the business without the discount overhang."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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