On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had another good session and stormed higher. The benchmark index rose 0.55% to 8,495.2 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 fall
The Australian share market looks set for a subdued session on Wednesday following a mixed night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.3% lower. In late trade on Wall Street, the Dow Jones is down 0.1%, the S&P 500 is flat, and the Nasdaq is 0.2% higher.
Oil prices charge higher
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 charged higher overnight. According to Bloomberg, the WTI crude oil price is up 3% to US$70.10 a barrel and the Brent crude oil price is up 2.7% to US$73.78 a barrel. Oil prices raced higher ahead of the upcoming OPEC+ meeting this week.
WiseTech named as a buy
WiseTech Global Ltd (ASX: WTC) shares could be in the buy zone according to analysts at Goldman Sachs. In response to its investor day update, the broker has reiterated its buy rating and $138.00 price target. It said: "Detailed product presentations highlighted the opportunity to deliver significant long-term growth – all of which could be material drivers if successful. […] Current operating momentum remains strong – with WTC believing it has passed the tipping point for customer adoption in Asia."
Gold price edges higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price edged higher overnight. According to CNBC, the gold futures price is up 0.3% to US$2,665.3 an ounce. This was driven by the release of US economic data that was supportive of the precious metal.
Buy ALS shares
Analysts at Bell Potter think that ALS Ltd (ASX: ALQ) shares could be in the buy zone right now. This morning, the broker has initiated coverage on the testing services company with a buy rating and $17.30 price target. It said: "We see compelling value in ALQ as an investment leveraged to increasing societal demands for green environmental testing practices, stringent enforcement of PFAS remediation and monitoring programs and a recovery in global exploration testing volumes and regional (European) CRO activity."
