5 things to watch on the ASX 200 on Wednesday

Will the local market hit a new record high today? Let's find out.

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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had another decent session and pushed higher. The benchmark index rose 0.25% to close at a new record high of 8,140.9 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to edge higher

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 7 points or 0.1% higher. On Wall Street, the Dow Jones was down a fraction, but the S&P 500 rose slightly and the Nasdaq pushed 0.2% higher.

Oil prices rise

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session on Wednesday after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.8% to US$71.35 a barrel and the Brent crude oil price is up 1.5% to US$73.83 a barrel. Traders were buying oil amid optimism that rate cuts will boost demand.

Suncorp named as a buy

Suncorp Group Ltd (ASX: SUN) shares are in the buy zone according to analysts at Goldman Sachs. In response to the release of an update from the owner of Youi Australia, the broker has retained its buy rating and $18.50 price target on the insurer's shares. It said: "Youi noted benefits from increased shopping activity and is targeting market share growth in line with target margins. Youi expects rate to moderate over the next 12 mths as claims inflation moderates – similar to SUN/IAG but is seeing much stronger growth."

Gold price eases

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued session after the gold price eased overnight. According to CNBC, the gold futures price is down 0.5% to US$2,595.2 an ounce. Traders were selling the precious metal ahead of the US Federal Reserve's interest rate decision.

Hold New Hope shares

New Hope Corporation Ltd (ASX: NHC) shares are about fair value according to analysts at Bell Potter. In response to the coal miner's full year results release, the broker has retained its hold rating with a trimmed price target of $4.60. It said: "Beyond ramp-up of New Acland Stage 3, we see a limited organic production growth pipeline and believe NHC may participate in industry consolidation. On our valuation, and in conformity with our recommendation structure, we maintain a Hold recommendation."

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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