The S&P/ASX 200 index continued its positive run on Wednesday, finishing the day 0.8% higher at 6,776.7 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX futures pointing slightly higher.
The Australian share market looks set to rise again today. According to the latest SPI futures, the ASX 200 index is poised to open the day 2 points higher this morning. This follows a decent night of trade on Wall Street which saw the Dow Jones drop 0.3%, but the S&P 500 climb 0.5% and the Nasdaq storm 0.85% higher.
Fortescue update.
All eyes will be on the Fortescue Metals Group Limited (ASX: FMG) share price on Thursday when the iron ore producer releases its latest quarterly update. Expectations are high for Fortescue after a stunning rise in both iron ore prices and its share price. Since the start of the year the iron ore producer's shares have more than doubled in value.
Oil prices lower.
It could be a disappointing day of trade for the likes of Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) after oil prices tumbled lower overnight. According to Bloomberg, the WTI crude oil price fell 1.5% to US$55.92 a barrel and the Brent crude oil price dropped 1% to US$63.19 a barrel.
Newcrest update.
The Newcrest Mining Limited (ASX: NCM) share price will be on watch this morning when the gold mining giant releases its full year update. According to a note out of Goldman Sachs, its analysts expect "2,500koz gold, 105kt copper. AISC and total capex expected to be around the bottom end of guidance (US$1,864mn/US$616mn respectively)." The broker will also be keeping an eye out for FY 2020 guidance, which is currently forecast to be 2,440koz at US$746/oz.
Gold price rises.
Gold miners including Northern Star Resources Ltd (ASX: NST) and St Barbara Ltd (ASX: SBM) will be on watch on Thursday after the gold price edged higher. According to CNBC, the spot gold price rose 0.3% to US$1,425.90 an ounce. The precious metal rose on the prospect of economic stimulus.
