5 things to watch on the ASX 200 on Thursday

Fortescue Metals Group Limited (ASX:FMG), Santos Ltd (ASX:STO), and Treasury Wine Estates Ltd (ASX:TWE) shares will be on watch on the ASX 200 on Thursday…

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

On Wednesday the S&P/ASX 200 index bounced back from Tuesday's savage sell off. The benchmark index climbed 0.5% to 7,031.5 points.

Will the local share market be able to build on this on Thursday? Here are five things to watch:

ASX 200 poised to trade flat.          

It looks set to be a subdued day of trade for the S&P/ASX 200 index on Thursday. According to the latest SPI futures, the ASX 200 is poised to open the day flat. This follows a positive night of trade on Wall Street. In late trade the Dow Jones is up 0.5%, the S&P 500 is 0.1% higher, and the Nasdaq index is trading 0.2% higher.

Oil prices mixed.

Energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) will be on watch on Thursday after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.75% to US$53.09 a barrel and the Brent crude oil price has risen 0.15% to US$59.60 a barrel. Oil prices have been moving after coronavirus concerns were partially offset by talk of an OPEC supply cut extension.  

Gold price edges higher.

Gold miners such as Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could be on the rise on Thursday after the gold price edged higher. According to CNBC, the spot gold price is up 0.3% to US$1,574.80 an ounce. The price of the precious metal rose amid coronavirus concerns.

Fortescue update.

The Fortescue Metals Group Limited (ASX: FMG) share price will be one to watch on Thursday when it releases its second quarter production update. The iron ore producer is widely expected to have had another bumper quarter thanks to sky high iron ore prices. Investors will no doubt be hoping for an update in relation to its dividend plans for FY 2020.

Treasury Wine upgraded.

The Treasury Wine Estates Ltd (ASX: TWE) share price could be on the move again on Thursday. This morning Goldman Sachs upgraded the wine company's shares to a hold rating following yesterday's sizeable share price decline. Goldman has a $12.30 price target on Treasury Wine's shares. Though, it is worth noting that the broker still has concerns over its short term outlook.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. 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.

More on Share Market News

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »

Father in the ocean with his daughters, symbolising passive income.
Dividend Investing

I'd spend $8k on these ASX 200 shares today to target a $6,102 annual passive income

I believe these ASX 200 shares will continue rewarding passive income investors for years to come.

Read more »

Three businesspeople leap high with the CBD in the background.
Share Market News

Boom! ASX 200 blasts to new record highs

ASX 200 investors just sent the benchmark index into uncharted territory.

Read more »