On Wednesday the S&P/ASX 200 Index (ASX: XJO) was on form again and continued its ascent. The benchmark index rose 0.6% to 6,928 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 futures pointing higher
The Australian share market looks set to continue its positive run on Thursday despite a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 33 points or 0.5% higher. Over in the United States, the Dow Jones rose 0.05%, the S&P 500 climbed 0.15%, and the Nasdaq edged 0.1% lower.
Oil prices rise
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could trade higher today after oil prices strengthened. According to Bloomberg, the WTI crude oil price is up 0.6% to US$59.70 a barrel and the Brent crude oil price has climbed 0.6% to US$63.11 a barrel. Global economic recovery optimism supported oil prices.
Tech shares on watch
ASX tech shares such as Xero Limited (ASX: XRO) and Zip Co Ltd (ASX: Z1P) will be on watch on Thursday after US tech stocks softened overnight. The tech-focused Nasdaq index dropped 0.1% during the session, compared to small gains by the Dow Jones and S&P 500. As the local tech sector has a tendency to follow its lead, today could be a day in the red.
Gold price softens
Gold miners Newcrest Mining Ltd (ASX: NCM) and Resolute Mining Limited (ASX: RSG) could edge lower today after the gold price softened. According to CNBC, the spot gold price is down 0.25% to US$1,738.70 an ounce. The safe haven asset came under pressure amid hopes of a swift global economic recovery from the pandemic.
Dividends being paid
A number of companies will be paying their latest dividends to shareholders later today. Among the companies making payouts are Brambles Limited (ASX: BXB) Costa Group Holdings Ltd (ASX: CGC), Iluka Resources Limited (ASX: ILU), Qube Holdings Ltd (ASX: QUB), and South32 Ltd (ASX: S32).
