5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) returned to form and bounced back from the previous day's selloff. The benchmark index rose over 1% to 7,925.2 points.

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

ASX 200 expected to push higher

The Australian share market looks set to rise again on Wednesday following a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 17 points or 0.2% higher this morning. In late trade in the United States, the Dow Jones is down 0.2%, the S&P 500 is up 0.1%, and the Nasdaq is 0.55% higher.

Oil prices fall

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch after a subdued night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.35% to US$71.24 a barrel and the Brent crude oil price is down 0.4% to US$74.49 a barrel. This may have been driven by profit taking after oil prices hit a five-week high.

Aristocrat named as a buy

Aristocrat Leisure Ltd (ASX: ALL) shares are being tipped as a buy by analysts at Bell Potter. This morning, the broker has reaffirmed its buy rating on the gaming technology company's shares with a trimmed price target of $83.00. It said: "Whilst we observe the stock trades on historically elevated levels with EV / EBIT(A) at 17x and P/E at 26x, we expect operating momentum in FY25 to accelerate, particularly in Gaming Operations. Four months of game performance data indicates ALL's new Phoenix Link game is likely growing its install base ahead of expectations with robust performance of 2.5x floor average."

Gold price eases

It could be a flat session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price edged lower overnight. According to CNBC, the gold futures price is down slightly to US$3,149 an ounce. Traders may have been locking in gains after a record run for the precious metal thanks to safe haven demand.

Buy HMC shares

HMC Capital Ltd (ASX: HMC) shares could be in the buy zone according to analysts at Goldman Sachs. This morning, the broker has responded to a trading update by retaining its buy rating with a trimmed price target of $10.90 (from $12.30). It said: "We are Buy-rated given HMC's FUM growth strategy and diversification away from classic Real Estate and into Digital Infrastructure (including DigiCo) among various other strategies including Energy Transition and Private markets."

The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

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 HMC Capital. The Motley Fool Australia has recommended HMC Capital. 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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