On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.2% to 7,236 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 fall
The Australian share market looks set to fall on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 12 points or 0.2% lower this morning. On Wall Street, the Dow Jones was down 0.6%, the S&P 500 fell 0.6% and the Nasdaq dropped 0.5%.
Oil prices mixed
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued session after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is up 0.2% to US$80.56 a barrel and the Brent crude oil price has fallen 0.1% to US$84.85 a barrel. Traders appear to believe prices may have peaked after storming higher following OPEC's production cuts.
Chalice shares are a buy
The Chalice Mining Ltd (ASX: CHN) share price may be nearing a 52-week high but one broker believes it can still rising materially from here. According to a note out of Bell Potter, its analysts have retained their speculative buy rating with an improved price target of $12.00. This implies potential upside of 63% for investors.
Gold price charges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price rose again overnight. According to CNBC, the spot gold price is up 1.9% to US$2,039.2 an ounce. The precious metal stormed higher after treasury yields softened in response to the release of US economic data that was supportive of slower rate hikes.
Dividend payday
A large number of ASX 200 shares will be paying their latest dividends on Wednesday. This includes biotherapeutics company CSL Limited (ASX: CSL), job listings giant Seek Ltd (ASX: SEK), and energy producer Woodside Energy Group Ltd (ASX: WDS).
