On Wednesday the S&P/ASX 200 index continued its positive run and recorded another solid gain. The benchmark index climbed 0.9% to 6,850.6 points.
Will the local market be able to build on this on Thursday? Here are five things to watch:
ASX expected to rise.
The S&P/ASX 200 index could make it another day of gains on Thursday. According to the latest SPI futures, the ASX 200 index is expected to rise 19 points or 0.3% at the open. This follows a positive night of trade on Wall Street. In late trade the Dow Jones is up 0.2%, the S&P 500 index has risen 0.4%, and the Nasdaq is pushing 0.6% higher.
Oil prices edge lower.
Energy shares such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could come under pressure today after oil prices softened. According to Bloomberg, the WTI crude oil price is down 0.7% to US$57.99 a barrel and the Brent crude oil price fell 0.45% to US$63.98 a barrel. A build-up of crude oil and gasoline in the United States weighed on prices.
IOOF annual general meeting.
The IOOF Holdings Limited (ASX: IFL) share price will be one to watch on Thursday when it holds its annual general meeting. The embattled financial services company is likely to provide investors with a trading update and full year guidance at the event.
Gold price rises.
Gold miners Saracen Mineral Holdings Limited (ASX: SAR) and St Barbara Ltd (ASX: SBM) could come under pressure today after the gold price dropped lower. According to CNBC, the spot gold price fell 0.4% to US$1,461.40 an ounce amid positive US-China trade developments.
Cleanaway rated as a buy.
The Cleanaway Waste Management Ltd (ASX: CWY) share price could be on the rise today thanks to a positive broker note. According to a note out of Goldman Sachs, it has initiated coverage on the waste management company's shares with a buy rating and $2.30 price target. Goldman is positive on its positioning against a structurally improving waste industry backdrop.
