On Wednesday the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.45% to 7,064.7 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
Image Source: Getty Images
ASX 200 expected to rise
The Australian share market looks set to rise again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 17 points or 0.25% higher this morning. This is despite weakness on Wall Street overnight, which saw the Dow Jones fall 0.5%, the S&P 500 edge 0.1% lower, and the Nasdaq drop 0.3% higher. This follows the US Federal Reserve's meeting.
Woolworths third quarter update
Hot on the heels of the Coles Group Ltd (ASX: BHP) third quarter update on Wednesday, this morning rival Woolworths Group Ltd (ASX: WOW) will be releasing one of its own. According to a note out of Goldman Sachs, it expects Woolworths to report revenues of $16.3 billion for the third quarter. This will be down 1% on the prior corresponding period.
Oil prices rise
It could be a positive day for energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) after oil prices climbed higher. According to Bloomberg, the WTI crude oil price is up 1.3% to US$63.74 a barrel and the Brent crude oil price has risen 1.1% to US$67.09 a barrel. Optimism over fuel demand gave prices a lift.
Gold price higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) will be on watch after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.2% to US$1,781.90 an ounce. The gold price rose after the US Federal Reserve decided to keep rates on hold at zero.
Newcrest update
The Newcrest Mining Limited (ASX: NCM) share price will be on watch today when it releases its third quarter update. Investors will be keen to see if the gold mining giant is still on course to achieve its guidance in FY 2021. Newcrest is targeting gold production of 1,950,000 ounces to 2,150,000 ounces of gold this year.
