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).
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Xero and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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