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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was a positive performer and charged higher. The benchmark index rose 0.65% to 7,438.9 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to edge higher on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points or 0.1% higher this morning. This follows a positive night on Wall Street, which in late trade sees the Dow Jones up 0.1%, the S&P 500 up 0.25%, and the Nasdaq up 0.35%.
Oil prices rise
Energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a solid day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 2% to US$82.82 a barrel and the Brent crude oil price is up 1.4% to US$84.90 a barrel. Traders bid oil prices to two-month highs after concerns over the Omicron threat eased.
Crown given neutral rating
The Crown Resorts Ltd (ASX: CWN) share price could be fully valued according to analysts at Goldman Sachs. This morning the broker put a neutral rating and $11.03 price target on the casino and resorts operator’s shares. Goldman thinks investors should buy the shares of rival Star Entertainment Group Ltd (ASX: SGR) instead.
Gold price edges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good day after the gold price pushed higher. According to CNBC, the spot gold price is up 0.45% to US$1,826.8 an ounce. The gold price rose after the US dollar softened following the release of US inflation data.
Iron ore price rises
It could be a good day for mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) after the iron ore price continued its rise. According to Metal Bulletin, the benchmark iron ore price is up 2.3% to US$131.60 a tonne. On Wall Street, both of their US listed shares are up over 2% in late trade.
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