On Wednesday the S&P/ASX 200 Index (ASX: XJO) was on form and stormed higher. The benchmark index rose 0.9% to 7,326.9 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 rise again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 17 points or 0.2% higher this morning. This follows a decent night of trade on Wall Street, which saw the Dow Jones rise 0.3%, the S&P 500 climb 0.35%, and the Nasdaq edge ever so slightly higher.
Oil prices fall again
Energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be in the red today after oil prices dropped again. According to Bloomberg, the WTI crude oil price is down 2% to US$71.85 a barrel and the Brent crude oil price has fallen 1.9% to US$73.12 a barrel. OPEC uncertainty has been weighing on prices.
IDP Education shares given buy rating
The IDP Education Ltd (ASX: IEL) share price could be good value according to Goldman Sachs. This morning the broker reiterated its buy rating and lifted its price target to $35.00. Its analysts commented: “In our view, the acquisition of BC’s Indian IELTS operations is an indication of IEL’s willingness to deploy capital toward synergistic acquisitions, and may pave the way for further transactions in other countries.” The IDP Education share price is currently trading at $29.25.
Gold price rising
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could push higher today after the gold price rose overnight. According to CNBC, the spot gold price is up 0.5% to US$1,803.10 an ounce. The precious metal pushed higher after bond yield dipped in response to the US Fed’s meeting minutes.
Tech shares on watch
The tech sector was in fine form on Wednesday and was a key driver of the ASX 200’s gains. However, an underperformance by the tech-heavy Nasdaq index last night could mean it is a different story on Thursday. This will mean the likes of Appen Ltd (ASX: APX) and Zip Co Ltd (ASX: Z1P) will be on watch today.
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
- ASX 200 rises, Challenger soars, Zip jumps
- ASX 200 oil shares tumble as OPEC+ nations squabble
- Here are 3 of the most traded ASX 200 shares today
- These ASX 200 tech shares are beating the broader market today
- Why Nanosonics, Oil Search, Opthea, & Piedmont Lithium are tumbling
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. owns shares of and has recommended Appen Ltd, Idp Education Pty Ltd, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Appen Ltd. 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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