5 things to watch on the ASX 200 on Thursday

On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and charged notably higher. The benchmark index rose 1.3 % to 7,115.1 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 following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 52 points or 0.75% higher this morning. In late trade in the United States, the Dow Jones is up 1.6%, the S&P 500 has risen 1.55%, and the NASDAQ has climbed 1.7%.

Oil prices charge higher

Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a solid day after oil prices charged higher on Wednesday night. According to Bloomberg, the WTI crude oil price is up 2.75% to US$78.33 a barrel and the Brent crude oil price is up 2.85% to US$82.26 a barrel. Oil prices climbed after data showed a larger-than-expected draw in U.S. crude stockpiles.

Goldman retains its neutral rating on Pilbara Minerals

Despite recent weakness in the Pilbara Minerals Ltd (ASX: PLS) share price, Goldman Sachs has retained its neutral rating with an improved price target of $4.70. The broker said: “While near-term prices support a strong c.10-20% FCF yield over and above planned incremental capex spend, we see this as priced in trading at ~1x NAV on GSe LT US$1,000/t spodumene (peer average ~1x).”

MinRes rated as a buy

The Mineral Resources Ltd (ASX: MIN) share price could be good value according to analysts at Morgans. This morning, the broker initiated coverage on the miner and mining services company with an add rating and $94.00 target price. It said: “MIN is a business that is transforming from being primarily leveraged to high-cost / shortlife iron ore operations to low-cost / long-life iron ore and lithium assets.”

Gold price edges higher

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a mildly positive day after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.1% to US$1,826.5 an ounce. A firmer US dollar stopped the precious metal from rising further.

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

• Could ASX 200 gold shares be ‘at another pivot point’?
• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why are ASX 200 gold shares having such a stellar run today?
• Why European Lithium, Evolution, Medadvisor, and REA shares are charging higher

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 has no position in any of the stocks mentioned. 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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