On Wednesday the S&P/ASX 200 Index (ASX: XJO) was back on form and stormed higher. The benchmark index rose 0.9% to 7,392.7 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to rise on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 29 points or 0.4% higher this morning. This follows a solid night on Wall Street, which in late trade sees the Dow Jones up 0.2%, the S&P 500 up 0.5%, and the Nasdaq up 0.85%.
Oil prices sink
Energy shares including Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could have a difficult day after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 4.4% to US$80.21 a barrel and the Brent crude oil price has fallen 3.9% to US$81.43 a barrel. Traders were selling oil amid another big rise in US stockpiles.
Domino’s rated as a buy
The team at Goldman Sachs has held firm with its buy rating on the Domino’s Pizza Enterprises Ltd (ASX: DMP) share price following its annual general meeting. The broker has, however, trimmed its price target to $147.00. This follows a weaker than expected performance during the first 18 weeks of FY 2022 in the Japanese market. Group same store sales remain up 4.3% over the period.
Gold price drops
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could come under pressure today after the gold price dropped. According to CNBC, the spot gold price is down 1% to US$1,771.2 an ounce. Traders were selling gold following the US Federal Reserve’s meeting. The central bank intends to start tapering its bond purchases.
AGMs being held
A number of ASX 200 companies are holding their annual general meetings today and could provide updates on their performances. Among the companies holding their meetings are Credit Corp Group Limited (ASX: CCP), Inghams Group Ltd (ASX: ING), NIB Holdings Limited (ASX: NHF), and Zip Co Ltd (ASX: Z1P).