On Wednesday the S&P/ASX 200 Index (ASX: XJO) was out of form. The benchmark index dropped 0.6% to 6,001.3 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 to bounce back.
It looks set to be a better day of trade for the ASX 200 index on Thursday. According to the latest SPI futures, the benchmark index is expected to open the day 27 points or 0.45% higher this morning. This follows a positive night of trade on Wall Street which saw the Dow Jones rise 1.4%, the S&P 500 climb 0.65%, and the Nasdaq index push 0.5% higher.
Oil prices higher.
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be pushing higher today after another positive night for oil prices. According to Bloomberg, the WTI crude oil price has risen 1.2% to US$42.20 a barrel and the Brent crude oil price has climbed 1.7% to US$45.20 a barrel. Oil prices climbed to a five-month high after a larger than expected inventory decline.
Gold price rises again.
Gold miners including Northern Star Resources Ltd (ASX: NST) and Saracen Mineral Holdings Limited (ASX: SAR) will be on watch today after the gold price pushed higher again. According to CNBC, the spot gold price rose 1.5% to US$2,053.00 an ounce. This means the gold price hit a new record high overnight.
The ResMed Inc. (ASX: RMD) share price could be on the rise this morning after the release of its fourth quarter result. ResMed delivered a 10% increase in revenue to US$770.3 million. This compares to the consensus estimate of US$752 million. This was largely down to strong ventilator demand during the period.
The Mirvac Group (ASX: MGR) share price will be on watch this morning when it releases its full year results. The property company has been battling with difficult trading conditions, so all eyes will be on its occupancy rates, property valuations, and rental collections. Mirvac has already indicated that it will pay a final distribution of 3 cents per stapled security. This is down by over half compared to the prior corresponding period.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. 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.
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