On Wednesday the S&P/ASX 200 Index (ASX: XJO) was on form and stormed higher. The benchmark index rose 0.5% to 6,778.8 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 futures pointing lower
The Australian share market looks set to edge lower on Thursday morning following a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 9 points or 0.1% lower this morning. In late trade on Wall Street, the Dow Jones is up 0.55%, the S&P 500 has risen 0.1%, and the Nasdaq is down 1.25%.
Tech shares on watch
It could be a tough day for ASX tech shares such as Xero Limited (ASX: XRO) and Zip Co Ltd (ASX: Z1P) on Thursday after US tech stocks came under pressure again during overnight trade. At the time of writing, the tech-focused Nasdaq index is down 1.25%. This follows declines by a number of tech giants.
Oil prices rebound
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could charge higher today after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 5.5% to US$60.91 a barrel and the Brent crude oil price has risen 5.5% to US$64.19 a barrel. An issue at the Suez Canal which is blocking the key trade route gave oil prices a boost.
Gold price pushes higher
Gold miner Newcrest Mining Ltd (ASX: NCM) could be on the rise today after the gold price pushed higher. According to CNBC, the spot gold price is up 0.5% to US$1,733.30 an ounce. The gold price climbed after bond yields continued to soften. In other industry news, the Ghanaian government has told gold miner Resolute Mining Limited (ASX: RSG) that its Bibiani Gold Mine licence has been terminated. As a result, it has been advised to cease all activities and operations at the site.
Brickworks half year result
The Brickworks Limited (ASX: BKW) share price will be one to watch this morning when it releases its half year results. In November the building products company revealed that its Building Products Australia business had made a strong start to FY 2021. However, this was being offset partly by weakness in the North American market.
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More reading
- ASX 200 rises, Airtasker soars again, Westpac considers NZ
- How is Australia’s jobs rebound affecting ASX shares?
- How are ASX 200 shares faring in the carbon revolution?
- How are New Zealand-based ASX shares performing ahead of a likely recession?
- Genex (ASX:GNX) share price frozen on hydro project fund raising
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Brickworks. The Motley Fool Australia owns shares of Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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