On Wednesday the S&P/ASX 200 index was in fine form and finished the day 0.5% higher at 6,685.5 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX expected to storm higher.
The Australian share market looks set to follow the lead of U.S. markets and push higher again on Thursday. According to the latest SPI futures, the ASX 200 is poised to open the day 0.35% or 23 points higher. On Wall Street the Dow Jones rose 0.7%, the S&P 500 climbed 0.8%, and the Nasdaq stormed 0.75% higher during a shortened session.
Oil prices rebound.
Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) shares could be on the rise on Thursday after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price increased 2.1% to US$57.44 a barrel and the Brent crude oil price rose 2.5% to US$63.95 a barrel.
Woolworths shares on watch.
The Woolworths Group Ltd (ASX: WOW) share price will be on watch today after brokers had time to look over the conglomerate’s plan to spin off its Endeavour Drinks and ALH businesses. The move hasn’t been enough for Goldman Sachs to change its recommendation. The broker has retained its neutral rating and $29.00 price target on Woolworths’ shares.
Tech shares on the rise.
Australian tech shares such as Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX) could be heading higher again today after the technology-focused Nasdaq index surged higher overnight. Both Altium and Appen have hit all-time highs this week.
Gold price higher.
Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) shares could be on the move today after the gold price pushed higher. According to CNBC, the spot gold price rose 0.95% to US$1,421.50 an ounce after U.S. rate cut bets increased.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.