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5 things to watch on the ASX 200 on Thursday

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.55% to 9,007 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 for another good session on Thursday following a relatively positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 46 points or 0.5% higher this morning. In late trade in the United States, the Dow Jones is up 0.3%, the S&P 500 is up 0.6%, and the Nasdaq is 1% higher.

Rio Tinto results

Rio Tinto Ltd (ASX: RIO) shares will be on watch today when the mining giant releases its eagerly anticipated full-year results. According to a note out of Morgans, its analysts expect the miner to report a 4.3% increase in revenue to US$55.96 billion and a 13.8% lift in EBITDA to US$26.54 billion. This is expected to underpin total dividends of US$4.54 per share, which will be a 13.6% increase year on year. The broker said: “Supported by a solid Q4 operationally, and rising metal prices, RIO is positioned for a healthy FY25 result, although this appears at least partly factored in given recent share price support.”

Oil prices jump

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a very good session on Thursday after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 4.5% to US$65.17 a barrel and the Brent crude oil price is up 4.3% to US$70.33 a barrel. This was driven by reports that Iran has ignored key US demands.

Buy TechnologyOne shares

TechnologyOne Ltd (ASX: TNE) shares are good value according to analysts at Bell Potter. This morning, the broker has upgraded the enterprise software provider’s shares to a buy rating with a trimmed price target of $29.00 (from $33.00). It said: “The risk to our upgrade is now a lack of catalysts and even the H1 result in May may not provide one given the PBT growth will only likely be high single digit. But we do expect the company to reiterate the guidance at the result and this confidence or visibility in the H2 outlook we expect to be well received.”

Gold price rises

ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Thursday after the gold price raced higher overnight. According to CNBC, the gold futures price is up 2.1% to US$5,010.6 an ounce. Traders were buying the precious metal ahead of the release of US Federal Reserve meeting minutes and in response to rising Iran-US tensions.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Technology One. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Technology One. The Motley Fool Australia has recommended Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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