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5 things to watch on the ASX on Thursday

On Wednesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) stormed to a 10-year high and finished the day 1.2% higher at 6,172.6 points.

Will the local market be able to build on this on Thursday? Here are five things that could shape the day’s trade.

ASX futures are pointing higher again.

According to the latest SPI futures, the local market is expected to continue its impressive run and open the day higher by 0.2% or 11 points on Thursday. This follows a reasonably positive day of trade on Wall Street which saw the Dow Jones Industrial Average slide 0.2%, but the S&P 500 rise 0.2% and the Nasdaq surge 0.7% higher.

Telstra’s shares will be on watch.

The Telstra Corporation Ltd (ASX: TLS) share price will be on watch on Thursday following yesterday’s investor day. The market didn’t respond positively to the telco giant’s medium term plans and its guidance for FY 2019. No doubt there will be a number of broker notes released today assessing yesterday’s event and what it means for their recommendations.

Oil prices are mixed.

According to Bloomberg, WTI crude oil has risen a sizeable 1.8% to US$66.22 a barrel overnight. However, Brent crude oil has tumbled over 1.1% to US$74.22 a barrel.

Fisher & Paykel Healthcare goes ex-dividend.

The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price could dip lower today after going ex-dividend for the sleep treatment company’s final dividend of approximately 11.4 cents per share this morning. This dividend will then be paid to eligible shareholders on July 6.

AusCann shares will be on watch.

On Wednesday the Auscann Group Holdings Ltd (ASX: AC8) share price inexplicably dropped almost 14%. As I mentioned here, this could be related to potential negative consequences of Canada deciding to legalise recreational cannabis use yesterday. The company has responded to an ASX price query by advising that it isn’t aware of a reason for the sizeable decline.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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