5 things to watch on the ASX 200 on Thursday

Here’s what to expect on the ASX 200 on Thursday…

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On Wednesday the S&P/ASX 200 Index (ASX: XJO) was back on form and recorded a small gain. The benchmark index rose 0.15% to 7,313 points.

Will the market be able to build on this on Thursday? Here are five things to watch:

ASX 200 expected to edge lower

The Australian share market looks set to edge lower on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 3 points or 0.05% lower this morning. This follows a mixed night of trade on Wall Street, which saw the Dow Jones rise 0.6%, the S&P 500 climb 0.1%, and the Nasdaq fall 0.2%.

IGO update

The IGO Ltd (ASX: IGO) share price will be one to watch on Thursday. This follows news that it has now completed its transformational transaction to form a new lithium joint venture with Tianqi Lithium. The joint venture will initially focus on the world-class Greenbushes Lithium Mine. In addition to this, the company has the Kwinana Lithium Hydroxide Refinery. It will be the first fully automated lithium hydroxide refinery in Australia.

Oil prices rise

Energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices pushed higher again. According to Bloomberg, the WTI crude oil price is up 0.75% to US$73.53 a barrel and the Brent crude oil price has risen 0.5% to US$75.13 a barrel. Lower US stockpiles gave prices a boost.

Gold price strengthens

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could push higher today after the gold price strengthened overnight. According to CNBC, the spot gold price is up 0.4% to US$1,770.70 an ounce. Despite this gain, the precious metal had its worst month in more than four years due to a hawkish US Federal Reserve.

Telstra given buy rating

The Telstra Corporation Ltd (ASX: TLS) share price jumped on Wednesday after announcing the sale of its tower assets. Analysts at Goldman Sachs have responded to the news by reiterating their buy rating and $4.20 price target on its shares. Goldman notes that Telstra received more than it was expecting for the assets.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. 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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