On Wednesday the S&P/ASX 200 Index (ASX: XJO) fought hard and managed to record a small gain. The benchmark index rose 0.1% to 7,364.8 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to push higher on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.3% higher this morning. This follows a solid night on Wall Street, which in late trade sees the Dow Jones up 0.5%, the S&P 500 up 0.6%, and the Nasdaq up 0.6%.
Oil prices higher
Energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a good day after oil prices pushed higher again overnight. According to Bloomberg, the WTI crude oil price is up 1.9% to US$72.45 a barrel and the Brent crude oil price is up 1.4% to US$74.89 a barrel.
Gold price pushes 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 0.8% to US$1,803.60 an ounce. The gold price rose amid Omicron concerns.
Janus Henderson named as a buy
The Janus Henderson Group (ASX: JHG) share price could be great value according to the team at Bell Potter. According to a note, the broker has resumed coverage with a buy rating and price target of $71.00. The broker notes that in PE ratio terms, Janus Henderson’s shares are trading at 10.4x 2022 earnings. This is a 17% discount to US peers (12.5x).
Iron ore prices fall
The BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares could have a tough day after iron ore prices pulled back. According to Metal Bulletin, the spot benchmark iron ore price has fallen 2.6% to US$123.39 a tonne. Low grade 58% fines fell 2.5% to US$96.71 a tonne.
The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX shares today
- Own Fortescue Metals (ASX:FMG) shares? Here’s what to watch in 2022
- These 3 ASX 200 shares are topping the volume charts on Wednesday
- 2 strong ASX 200 dividend shares to own for income
- Top brokers name 3 ASX shares to buy today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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