On Wednesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) dropped lower for a second day in a row as political turmoil continued to weigh on investor sentiment.
Will the market be able to move on from this and push higher on Thursday? Here are five things to watch:
ASX futures pointing higher.
According to the latest SPI futures, the Australian share market is expected to open the day higher on Thursday by 0.3% or 18 points. This follows a mixed night on Wall Street which saw the Dow Jones fall 0.3%, the S&P 500 edge slightly lower, and the Nasdaq push 0.4% higher.
Oil prices have surged higher.
Energy shares Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) will be on watch on Thursday after oil prices surged higher overnight. According to Bloomberg, the WTI crude oil price climbed 3% to US$67.97 a barrel and the Brent crude oil price rose 3% US$74.77 a barrel. Oil prices rose after U.S. data revealed that its stockpiles had dropped by more than expected.
Newcrest results released late yesterday.
Gold mining giant Newcrest Mining Limited (ASX: NCM) will be on watch after it released its full year results after the market closed on Wednesday. Newcrest posted a 2% increase in revenue and a 16% rise in underlying profit despite a fall in production. Gold production is expected in the broad range of 2.35 million ounces and 2.6 million ounces in FY 2019, up from gold production of 2.346 million ounces in FY 2018.
Travel results expected.
Leading travel companies Flight Centre Travel Group Ltd (ASX: FLT), and Webjet Limited (ASX: WEB) are expected to release their results this morning. According to the Bloomberg consensus estimate, the market is expecting Flight Centre to post a net profit after tax of $275.8 million, whereas a profit after tax of $43.6 million is expected from rival Webjet. Leading airline Qantas Airways Limited (ASX: QAN) is also expected to drop in with its results.
Other results due for release.
It isn’t just travel shares releasing results today. Also pencilled in for releases are fintech company Iress Ltd (ASX: IRE), mining giant South32 Ltd (ASX: S32), energy producer Santos Ltd (ASX: STO), and struggling entertainment company Village Roadshow Ltd (ASX: VRL).
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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 Flight Centre Travel Group Limited. The Motley Fool Australia has recommended IRESS Limited and Webjet Ltd. 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.