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:
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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."
