The S&P/ASX 200 Index (ASX: XJO) was on form again on Wednesday and stormed notably higher. The benchmark index ended the day up a sizeable 1.8% to 5,941.6 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to race higher.
The ASX 200 looks set to race higher again on Thursday. According to the latest SPI futures, the benchmark index is poised to jump 72 points or 1.2% at the open. This follows a very positive night of trade on Wall Street, which saw the Dow Jones jump 2.05%, the S&P 500 rise 1.35%, and the Nasdaq index climb 0.8%.
6,000 points in sight.
With ASX 200 futures pointing to a strong rise at the open, the index looks set to smash through the symbolic 6,000 points market today. It has been almost three months since the benchmark index traded at this level. Investors will be hoping it is onwards and upwards from here.
Oil prices soften.
Energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch today after oil prices softened. According to Bloomberg, the WTI crude oil price is down 0.35% to US$36.68 a barrel and the Brent crude oil price has fallen 0.55% to US$39.34 a barrel. Traders appear nervous ahead of an announcement by OPEC.
Gold price sinks lower.
Improving risk sentiment has hit safe haven assets like gold overnight, which could mean miners such as Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) come under pressure today. According to CNBC, the spot gold price is down 1.9% to US$1,700.90 an ounce.
Magellan rated neutral.
The Magellan Financial Group Ltd (ASX: MFG) share price may be fully valued according to analysts at Goldman Sachs. The broker has reiterated its neutral rating and lifted its price target on the fund manager’s shares to $51.69. Goldman believe Magellan is on track to deliver strong performance fees in the second half. However, it feels this is already priced into its shares.
NEW! 5 Cheap Stocks With Massive Upside Potential
Our experts at The Motley Fool have just released a FREE report detailing 5 shares you can buy now to take advantage of the much cheaper share prices on offer.
One is a diversified conglomerate trading over 30% off it’s all-time high, all while offering a fully franked dividend yield of over 3%…
Another is a former stock market darling that is one of Australia’s most popular and iconic businesses. Trading at a significant discount to its 52-week high, not only does this stock offer massive upside potential, but it also trades on an attractive fully franked dividend yield of almost 4%.
Plus, this free report highlights 3 more cheap bets that could position you to profit in 2020 and beyond.
Simply click here to scoop up your FREE copy and discover the names of all 5 cheap shares.
But you will have to hurry because the cheap share prices on offer today might not last for long.
As of 2/6/2020
More reading
- ASX 200 jumps 1.8%, Australian headed for recession
- These ASX 200 shares could be perfect for a retirement portfolio
- The latest ASX 200 stocks to be upgraded to “buy” amid the recession
- Why I’m not afraid to invest in shares during this recession
- Top brokers name 3 ASX 200 shares to buy right now
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post 5 things to watch on the ASX 200 on Thursday appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/2Aws4ad
Leave a Reply