On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and stormed higher. The benchmark index rose 0.7% to 7,210.5 points.
Will the market be able to build on this Wednesday? Here are five things to watch:
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ASX 200 expected to rise again
The Australian share market looks set to rise again on Wednesday following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 38 points or 0.5% higher this morning. In the United States, the Dow Jones rose 0.85%, the S&P 500 climbed 1.45%, and the Nasdaq raced 1.75% higher.
Flight Centre results
The Flight Centre Travel Group Ltd (ASX: FLT) share price will be one to watch when the travel agent giant releases its FY 2023 results. Flight Centre is guiding to underlying EBITDA between $270 million and $290 million. The midpoint of this guidance represents a $483 million turnaround on FY 2022's underlying loss of $183 million.
Oil prices jump
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a great session after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 1.4% to US$81.21 a barrel and the Brent crude oil price has risen 1.25% to US$85.47 a barrel. Hurricane Idalia is threatening to hit supply in the US.
Gold price rises
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good session after the gold price charged higher overnight. According to CNBC, the spot gold price is up 1% to US$1,966 an ounce. Weaker US jobs data reduced rate hike concerns and boosted the precious metal.
Mineral Resources named as a sell
Mineral Resources Ltd (ASX: MIN) shares could be a sell according to Goldman Sachs. In response to the miner's FY 2023 results, the broker has reiterated its sell rating and cut its price target by 5% to $53.00. Goldman commented: "MIN is pricing in long run commodity prices ~30% higher than our estimates. MIN is also trading at 8x NTM EBITDA (vs. Aus lithium peers on ~5x and large cap iron ore peers on ~5x)."
