On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form and charged higher. The benchmark index rose 0.55% to 7,565.2 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 storm higher
The Australian share market looks set to have a great day on Wednesday following a strong night in the US. According to the latest SPI futures, the ASX 200 is expected to open the day 46 points or 0.6% higher this morning. On Wall Street, the Dow Jones rose 1.3%, the S&P 500 climbed 1.5%, and the Nasdaq stormed 2.05%.
Oil prices sink
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a difficult day after oil prices sank. According to Bloomberg, the WTI crude oil price is down 5.2% to US$102.52 a barrel and the Brent crude oil price has fallen 5.1% to US$107.40 a barrel. Traders were selling oil after the IMF slashed its global growth forecast.
Ramsay Health Care $20 billion takeover speculation
The Ramsay Health Care Limited (ASX: RHC) share price could be one to watch today amid rumours the private hospital operator has received a takeover approach. Goldman Sachs notes that "RHC has received an indicative, non-binding offer from KKR, valuing the company at >$20bn." This compares to its $12 billion market cap and $15 billion enterprise value.
Gold price tumbles
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could come under pressure today after the gold price tumbled overnight. According to CNBC, the spot gold price is down 1.9% to US$1,948.8 an ounce. A strengthening US dollar weighed heavily on the precious metal.
Life360 remains a buy
The Life360 Inc (ASX: 360) share price could almost double according to analysts at Bell Potter. This morning the broker retained its buy rating and $10.00 price target on the location technology company's shares. Ahead of its first quarter update, the broker said: "We expect another quarter of at least 50% y-o-y growth in AMR despite Q1 traditionally not being a strong quarter."
