On Wednesday the S&P/ASX 200 index shrugged off trade war concerns and returned to form with a gain of 0.7% to 6,284.2 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX futures pointing higher.
The Australian share market is poised to push higher again on Thursday after another positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.25% higher this morning. On Wall Street the Dow Jones rose 0.45%, the S&P 500 climbed 0.6%, and the Nasdaq index pushed a further 1.1% higher.
Westpac shares trade ex-dividend.
The Westpac Banking Corp (ASX: WBC) share price is likely to fall notably lower this morning after trading ex-dividend for its fully franked 94 cents per share interim dividend. This dividend will then be paid to eligible shareholders in just under six weeks on June 24.
The Xero Limited (ASX: XRO) share price will be on watch this morning when the business and accounting software company releases its full year results. All eyes will be on its Annualised Monthly Recurring Revenue (AMRR) metric which grew 40% to $589.1 million in the first half of FY 2019.
Oil prices higher.
The shares of Australia’s leading oil producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could be on the rise this morning after oil prices rose overnight. According to Bloomberg, the WTI crude oil price climbed 0.6% to US$62.14 a barrel and the Brent crude oil price pushed 0.9% higher to US$71.89 a barrel. Oil prices rose despite an increase in U.S. crude inventories.
Gold price rise.
Australian gold miners including Resolute Mining Ltd (ASX: RSG) and Saracen Mineral Holdings Limited (ASX: SAR) could be set to have a positive day of trade after the gold price edged higher overnight. According to CNBC, the spot gold price has risen 0.1% to US$1,297.10 an ounce.
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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 Xero. 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.