On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a good session. The benchmark index rose 0.35% to 7,703.2 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 rise again
The Australian share market looks set to rise again on Wednesday following a decent session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.2% higher. In late trade on Wall Street, the Dow Jones is up 0.7%, the S&P 500 has risen 0.5%, and the Nasdaq is 0.4% higher.
Oil prices continue to rise
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have another good session after oil prices rose again overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$83.62 a barrel and the Brent crude oil price is up 0.7% to US$87.46 a barrel. Russian supply concerns gave oil prices a boost.
Buy Woolworths shares
The Woolworths Group Ltd (ASX: WOW) share price is great value according to analysts at Goldman Sachs. The broker believes that concerns over inquiries into price gouging and anti-competitive behaviour claims are unnecessary. That's because Goldman sees limited valuation and earnings risks from the inquiries. As a result, the broker has retained its conviction buy rating and $40.40 price target on the supermarket giant's shares.
Gold price edges lower
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued session on Wednesday after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.2% to US$2,160.6 an ounce. A stronger US dollar weighed on the precious metal. In addition, traders appear nervous ahead of the release of a speech from the US Federal Reserve tonight.
Inghams rated as a buy
The Inghams Group Ltd (ASX: ING) share price is good value according to the team at Bell Potter. This morning, the broker retained its buy rating and $4.35 price target on the poultry producer's shares. This implies potential upside of almost 24% for investors from current levels. It commented: "Feed cost drivers have weakened materially in CY24 and this is likely to manifest in COGS in FY25e. The upside from lower feed costs in our view mitigates the ongoing risk of channel shifts."
