On Tuesday, the S&P/ASX 200 Index (ASX: XJO) found its legs again and charged higher. The benchmark index rose 0.6% to 7,181.3 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 push higher on Wednesday following a positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 47 points or 0.65% higer this morning. In late trade on Wall Street, the Dow Jones is up 1%, the S&P 500 is up 1%, and the Nasdaq is up 0.8%.
Oil prices rise
Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.2% to US$81.04 a barrel and the Brent crude oil price has risen 1.2% to US$88.46 a barrel. News that Saudi Arabia is sticking to its output cuts boosted prices.
Annual general meetings
Another group of ASX 200 shares are scheduled to hold their annual general meetings today and could provide the market with trading updates. Among the companies holding events are property company Abacus Property Group (ASX: ABP), wealth management platform provider Netwealth Group Ltd (ASX: NWL), and logistics solutions company WiseTech Global Ltd (ASX: WTC).
Gold price edges lower
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price edged lower overnight. According to CNBC, the spot gold price is down a fraction to US$1,738.4 an ounce. Gold is on course to decline for five sessions in a row.
TechnologyOne shares downgraded
Although TechnologyOne Ltd (ASX: TNE) delivered a strong full year result on Tuesday, analysts at Morgans have downgraded the enterprise software provider's shares to a hold rating with an improved price target of $13.50. It commented: "We view this as another high quality result […] following an 18% share price run in the last 6 months we move to a Hold recommendation."
