On Wednesday the S&P/ASX 200 Index (ASX: XJO) continued its remarkable run and charged higher once again. The benchmark index rose 0.6% to 6,683.3 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to edge higher.
The Australian share market is expected to edge higher this morning. According to the latest SPI futures, the ASX 200 is poised to rise 10 points or 0.15% at the open. This is despite it being a mixed night of trade on Wall Street. Late in the session the Dow Jones is down 0.45%, the S&P 500 is down 0.2%, and the Nasdaq is up 0.4%.
Virgin Money UK results.
The Virgin Money UK CDI (ASX: VUK) share price will be on watch following the release of its full year results. The UK-based bank reported a 77% drop in full year underlying pre-tax profit. This was driven by a 501 million pound impairment charge against an expected surge in bad loans in coronavirus-driven economic downturn. Virgin Money UK now has a total of 735 million pounds in provisions on its balance sheet.
Oil prices push higher again.
Energy producers including Beach Energy Ltd (ASX: BPT) and Oil Search Ltd (ASX: OSH) could be on the rise today after oil prices continued their recovery. According to Bloomberg, the WTI crude oil price is up 2.5% to US$46.04 a barrel and the Brent crude oil price has risen 2.1% to US$48.87 a barrel. A combination of COVID vaccine hopes and a drop in U.S. inventories have lifted oil prices.
Gold price flat.
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) will be on watch today after the gold price found some support. According to CNBC, the spot gold price is flat at US$1,804.20 an ounce. Weak economic data helped the gold price during overnight trade.
WiseTech Global AGM.
The WiseTech Global Ltd (ASX: WTC) share price could be on the move today when it holds its annual general meeting. The logistics solutions company is likely to provide investors with an update on current trading and its expectations for FY 2021. In August, WiseTech provided full year guidance for revenue growth in the range of 9% to 19% (representing revenue of $470 million to $510 million) and EBITDA growth of 22% to 42% (representing EBITDA of $155 million to $180 million).
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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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