On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and charged higher. The benchmark index rose 1.1% to 7,284.9 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 to open lower
The Australian share market looks set to give back some of yesterday’s gains on Thursday following a subdued night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 9 points or 0.1% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.1%, the S&P 500 is up 0.2%, and the Nasdaq has fallen 0.1%.
Telstra’s half year results
The Telstra Corporation Ltd (ASX: TLS) share price will be one to watch this morning when it releases its half year results. According to a note out of Morgans, its analysts expect a 7% decline in revenue for the period. However, thanks to its expectation for an 11% reduction in expenses, it is forecasting a 4% increase in underlying EBITDA.
Oil prices rise
Energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a decent day after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 1.4% to US$93.39 a barrel and the Brent crude oil price is up 1.4% to US$94.64 a barrel. Oil prices rose after Russian-Ukraine tensions flared up again.
Wesfarmers half year update
The Wesfarmers Ltd (ASX: WES) share price will be in focus when it releases its half year results. Morgans is expecting the conglomerate to deliver a result in line with its guidance. It has forecast a 15% decline in net profit after tax to $1,199 million. This is being driven largely by weakness from the Kmart Group segment due to lockdowns, staff shortages, and supply chain disruptions.
Gold price rises
It could be a good day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price stormed higher. According to CNBC, the spot gold price is up 0.9% to US$1,872.4 an ounce. Concerns over the Russia-Ukraine situation boosted the safe haven asset.
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
- Losing sleep over falling ASX share prices? Here’s how one expert says investors can ‘take advantage of sell-offs’
- Why BHP, Fortescue, Netwealth, and Santos shares are falling
- These 3 ASX 200 shares are topping the volume charts on Wednesday
- Is now the time to buy the dip in ASX 200 shares?
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 owns and has recommended Telstra Corporation Limited and Wesfarmers Limited. 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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