On Wednesday, the S&P/ASX 200 Index (ASX: XJO) continued its winning streak with a solid gain. The benchmark index rose 0.6% to 6,999.3 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to fall on Thursday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 38 points or 0.55% lower this morning. In late trade in the United States, the Dow Jones is down 1.5%, the S&P 500 has fallen 1.5% and the NASDAQ has tumbled 1.9%.
Oil prices sink
Energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a difficult day after oil prices sank on Wednesday night. According to Bloomberg, the WTI crude oil price is down 3.1% to US$86.18 a barrel and the Brent crude oil price is down 2.5% to US$92.99 a barrel. An increase in US crude stockpiles and Chinese demand concerns weighed on prices.
Xero half year results
The Xero Limited (ASX: XRO) share price will be on watch today when the cloud accounting platform company releases its half year results. A note out of Goldman Sachs reveals that its analysts are expecting âRevenue/GP/EBITDA +28/+30/+42% vs. PcP to NZ$648/571/143mn; driven by continued ANZ net add strength, positive ARPU tailwinds from price rises and continued platform performance offset by UK go-to-market weakness.â
NAB rated as a buy
The National Australia Bank Ltd (ASX: NAB) share price remains good value following the bankâs full year results according to Goldman Sachs. This morning the broker retained its buy rating with an improved $35.41 price target. Goldman believes that NAB provides âthe best leverage to the thematic that domestic volume momentum will favour commercial over housing volumes over both the short- and medium-term.â
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a poor day after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.5% to US$1,707.6 an ounce. The gold price fell after the US dollar strengthened.
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
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- Here are the top 10 ASX 200 shares today
- Here are the 3 most traded ASX 200 shares on Wednesday
- Coles share price slips as boss says âbest is still to comeâ
- Top fund manager has ‘never seen’ ASX share price moves like we are witnessing
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 positions in and has recommended Xero. The Motley Fool Australia has positions in and has recommended Xero. 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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