On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a very strong session and raced notably higher. The benchmark index jumped 1.85% to 8,534.3 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 set to rise
The Australian share market looks set to rise again on Thursday following a good night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 22 points or 0.25% higher this morning. In late trade in the United States, the Dow Jones is up 0.6%, the S&P 500 is up 0.55% and the Nasdaq is 0.75% higher.
Soul Patts shares on watch
Washington H. Soul Pattinson and Co Ltd (ASX: SOL) shares will be on watch on Thursday. That’s because the investment house will be releasing its half-year results before the market open. These will be the company’s first results since the transformational $14 billion merger with Brickworks. That deal was stated to be “cash flow and post-tax NAV accretion on a per share basis.”
Oil prices fall
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued session on Thursday after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1.7% to US$90.81 a barrel and the Brent crude oil price is down 1.8% to US$102.57 a barrel. This has been driven by optimism that a US-Iran peace deal could be on the horizon.
Shares named as buys
The team at Wilsons has identified a number of shares that it thinks are buys after being oversold. They include Pinnacle Investment Management Group Ltd (ASX: PNI), Hub24 Ltd (ASX: HUB), and Cochlear Ltd (ASX: COH). It said: “Pinnacle (PNI) and HUB24 (HUB) trade below five-year average P/E multiples while retaining strong structural growth and offering meaningful leverage to an eventual equity market recovery. Cochlear (COH) trades at a decade-low P/E, with its Nexa product cycle supporting medium-term earnings acceleration.”
Gold price rises
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Thursday after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 2.4% to US$4,508.8 an ounce. A pullback in oil prices has eased inflation and higher interest rate fears.
The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.
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