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On Tuesday, the S & P / ASX 200 Index (ASX: XJO) was in shape and stormed markedly higher. The benchmark index rose 0.95% to 7,313.9 points.
Will the market be able to build on this on Wednesday? Here are five things to see:
The ASX 200 is expected to rise again
The Australian stock market looks set to continue its positive run on Wednesday after another strong night of trading on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 53 points or 0.7% higher this morning. In late US trading, the Dow Jones has risen 1.45%, the S&P 500 has risen 2.1% and the Nasdaq is trading 3.1% higher.
Life360 added to ASX 200
That Life360 Inc (ASX: 360) stock price may have a strong day on Wednesday. In addition to benefiting from improving investor sentiment in the technology sector, the app maker’s shares have received a boost from their listing in the ASX 200 index at the quarterly rebalance later this month. Life360 joins the middle end of Oil Search Ltd (ASX: OSH) due to its merger with Santos Ltd (ASX: STO).
Oil prices are jumping
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a great day after oil prices rose again. According to Bloomberg, the WTI crude oil price has risen by 3.8% to $ 72.14 per barrel. barrel, and the Brent crude oil price has risen 3.4% to $ 75.55 per barrel. barrel. Relieving Omicron’s concerns and delays in returning to Iranian crude oil increased prices.
The price of gold is rising
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on guard after the gold price has risen. According to CNBC, the spot gold price has risen 0.35% to $ 1,785.7 per share. ounce. The gold price pushed up despite Omicron’s concerns falling.
CBA remains a sale
That Commonwealth Bank of Australia (ASX: CBA) stock price is overvalued according to the team at Goldman Sachs. According to a note, the broker has maintained its sales valuation on the banking giant’s shares with an improved price target of $ 82.57. Goldman does not believe that the CBA’s shares deserve to trade at such a premium compared to the rest of the four major banks.