On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and charged higher. The benchmark index rose 1.1% to 7,284.9 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 to open lower
The Australian share market looks set to give back some of yesterday's gains on Thursday following a subdued night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 9 points or 0.1% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.1%, the S&P 500 is up 0.2%, and the Nasdaq has fallen 0.1%.
Telstra's half year results
The Telstra Corporation Ltd (ASX: TLS) share price will be one to watch this morning when it releases its half year results. According to a note out of Morgans, its analysts expect a 7% decline in revenue for the period. However, thanks to its expectation for an 11% reduction in expenses, it is forecasting a 4% increase in underlying EBITDA.
Oil prices rise
Energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a decent day after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 1.4% to US$93.39 a barrel and the Brent crude oil price is up 1.4% to US$94.64 a barrel. Oil prices rose after Russian-Ukraine tensions flared up again.
Wesfarmers half year update
The Wesfarmers Ltd (ASX: WES) share price will be in focus when it releases its half year results. Morgans is expecting the conglomerate to deliver a result in line with its guidance. It has forecast a 15% decline in net profit after tax to $1,199 million. This is being driven largely by weakness from the Kmart Group segment due to lockdowns, staff shortages, and supply chain disruptions.
Gold price rises
It could be a good day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price stormed higher. According to CNBC, the spot gold price is up 0.9% to US$1,872.4 an ounce. Concerns over the Russia-Ukraine situation boosted the safe haven asset.
