5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.6% to 8,466.7 points.

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

ASX 200 expected to rise again

The Australian share market looks set to rise again on Wednesday following a positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.3% higher this morning. In the United States, the Dow Jones was up 0.5%, the S&P 500 rose 0.6%, and the Nasdaq jumped 0.8%.

Oil prices rise

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent session after oil prices pushed higher again overnight. According to Bloomberg, the WTI crude oil price is up 0.65% to US$63.32 a barrel and the Brent crude oil price is up 1.45% to US$65.56 a barrel. Geopolitical concerns and a weaker US dollar boosted prices.

Qantas shares on watch

Qantas Airways Ltd (ASX: QAN) shares will be on watch on Wednesday. That's because rival Virgin Australia is largely expected to announce its IPO plans today. And with the airline tipped to trade at a discount to Qantas, it is possible that some investors could switch allegiances if they like what they see. Qantas shares are up 76% over the past 12 months.

Gold price falls

It could be a subdued session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price fell overnight. According to CNBC, the gold futures price is down 0.6% to US$3,377.2 an ounce. Traders were selling gold ahead of the potential Trump-Xi call.

Buy Aristocrat shares

Analysts at Bell Potter think that investors should be buying Aristocrat Leisure Ltd (ASX: ALL) shares. This morning, the broker has named the gaming technology company as one of its top picks for June. It has a buy rating and $79.00 price target on its shares. The broker said: "We expect ALL's industry leading R&D investment will drive share gains in each of the markets it operates in, translating into 14% continuing constant currency EPS CAGR to CY27e over FY24. The success of Phoenix Link, which is growing at record levels, is one such example of ALL's R&D flywheel expected to bear fruits in the near term, with the game having grown its install base at a record pace in its first 6 months post launch."

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 no position in any of the stocks mentioned. 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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