On Wednesday the S&P/ASX 200 Index (ASX: XJO) was back on form and stormed higher. The benchmark index rose 0.7% to 6,679.2 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 to rise again.
The Australian share market looks set to continue its rise on Thursday. According to the latest SPI futures, the ASX 200 is poised to open the day 27 points or 0.4% higher this morning. This is despite it being a reasonably mixed night of trade on Wall Street. Late on, the Dow Jones is down 0.3%, the S&P 500 is down 0.05%, and the Nasdaq is up 0.1%.
Zip equity raising.
The Zip Co Ltd (ASX: Z1P) share price will be on watch after it announced a $150 million capital raising to support its growth. This comprises an underwritten $120 million institutional placement and a $30 million non-underwritten share purchase plan. The buy now pay later provider is raising the finds at $5.34 per share, which represents a 4.1% discount to its last close price. It will use the capital to support its US growth, UK expansion, and product expansion.
Oil prices higher.
Energy producers including Beach Energy Ltd (ASX: BPT) and Oil Search Ltd (ASX: OSH) could have a solid day after oil prices rose again. According to Bloomberg, the WTI crude oil price is up 0.5% to US$47.85 a barrel and the Brent crude oil price is 0.75% higher to US$51.13 a barrel. Oil prices overcame news of a surprise build in US inventories and pushed higher.
Gold price edges lower.
Gold miners such as Evolution Mining Limited (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) could come under pressure after the gold price softened. According to CNBC, the spot gold price is down 0.1% to US$1,854.0 an ounce. This follows the release of an update by the US Federal Reserve.
Crown update.
The Crown Resorts Ltd (ASX: CWN) share price will be on watch today after the casino and resorts operator released an update on its Sydney operation. According to the release, Crown Sydney has been granted a liquor licence on an interim basis for certain non-gaming operations. This includes the Crown Towers hotel, bars, and some restaurants. It has been granted for the period 16 December 2020 to 30 April 2021.
