On Tuesday, the S&P/ASX 200 Index (ASX: XJO) pushed higher again and recorded a modest gain. The benchmark index rose 0.35% to 6,958.9 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
The Australian share market looks set to rise on Wednesday despite a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 19 points or 0.3% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.5%, the S&P 500 is down 0.1%, and the Nasdaq is down 0.35%.
Oil prices drop
Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a difficult day after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 2.5% to US$89.47 a barrel and the Brent crude oil price has fallen 2.1% to US$95.85 a barrel. Chinese demand concerns weighed on prices.
NAB results
The National Australia Bank Ltd (ASX: NAB) share price will be on watch today when the banking giant releases its full year results. According to a note out of Goldman Sachs, its analysts are expecting NAB to report cash earnings of $7,215 million. This represents a 10% increase year over year. A final dividend of 77 cents per share is expected to be declared.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 2.1% to US$1,716.3 an ounce. Gold rose thanks to softness in the US dollar.
AGMs being held
A number of ASX 200 shares are holding their annual general meetings today and could provide the market with updates on their performance. This includes supermarket operator Coles Group Ltd (ASX: COL), property listings company Domain Holdings Australia Ltd (ASX: DHG), and gold miner Newcrest Mining Ltd (ASX: NCM).
