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On Tuesday, the S & P / ASX 200 Index (ASX: XJO) returned to its shape and climbed higher. The benchmark rose 1.4% to 6,523.8 points.
Will the market be able to build it on Wednesday? Here are five things to see:
The ASX 200 is expected to rise again
The Australian stock market looks set to rise again on Wednesday after a strong night of trading in the US. According to the latest SPI futures, the ASX 200 is expected to open 42 points or 0.65% more this morning. On Wall Street, the Dow Jones was up 2.15% and the S&P 500 was up 2.45%, and the Nasdaq was up 2.5%.
Oil prices are rising
Energy producers like Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices rise. According to Bloomberg, the price of WTI crude has risen 0.9% to US $ 110.58 a barrel and the price of Brent crude has risen 0.6% to US $ 114.83 a barrel. Strong demand and reduced supply increased prices.
PointsBet classified as purchase
According to Bell Potter analysts, the share price of PointsBet Holdings Ltd (ASX: PBH) could have many advantages. This morning, the broker maintained its speculative buy rating with a $ 5.25 cut price target. He points out that GIS Sports Investments Corp. has made a strategic investment in the company. His analysts seem satisfied and “see the strengthening of the cash position as key, as it helps alleviate the company’s major concern.”
The price of gold is falling
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a smooth day after the price of gold fell overnight. According to CNBC, the price of gold in cash fell 0.3% to $ 1,834.5 an ounce. Rising bond yields reduced the attractiveness of the safe haven asset.
Goodman is exaggerating
Goldman Sachs analysts believe that the sale of the price of the shares of Goodman Group (ASX: GMG) has been exaggerated. This morning, the broker reiterated its purchase rating and the $ 25.40 target price of the company’s shares. “GMG and VCX are well positioned to absorb higher funding costs and should work well in this environment,” he said.