On Tuesday, the S&P/ASX 200 Index (ASX: XJO) gave back the majority of its intraday gains and ended the session modestly higher. The benchmark index rose 0.15% to 8,379.4 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 to rise
The Australian share market looks set to rise again on Wednesday despite a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 67 points or 0.8% higher. In late trade in the United States, the Dow Jones is down 0.1%, the S&P 500 is down 0.35% and the Nasdaq is 0.8% lower.
Buy Life360 shares
Bell Potter sees significant value in Life360 Inc. (ASX: 360) shares at current levels. According to the note, the broker has retained its buy rating on the family safety technology company's shares with a trimmed price target of $37.75. This implies potential upside of 94% for investors. It said: "We see the release of the Q1 result on 12th May as a potential catalyst given the company has already lowered expectations and the potential of a small beat in adjusted EBITDA."
Oil prices rebound
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session on Wednesday after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 4% to US$91.68 a barrel and the Brent crude oil price is up 3.6% to US$103.53 a barrel. Traders were buying oil after optimism faded over a de-escalation in the US-Iran war.
Gold price eases
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a subdued session on Wednesday after the gold price traded lower overnight. According to CNBC, the gold futures price is down 0.2% to US$4,399 an ounce. A stronger US dollar and rate hike concerns have weighed on the gold price.
ASX 200 shares going ex-dividend
A number of ASX 200 shares are going ex-dividend this morning and could trade lower. This includes diversified mining services company Perenti Ltd (ASX: PRN), toll road operator Atlas Arteria Group (ASX: ALX) and travel agent Flight Centre Travel Group Ltd (ASX: FLT). Perenti is paying shareholders a 3.3 cents per share dividend on 9 April, Atlas Arteria is paying 20 cents per share on the same day, and Flight Centre is paying 12 cents per share on 16 April.
