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) had a decent day and pushed higher. The benchmark index rose 0.3% to 7,116.7 points.

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

ASX 200 to open higher

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 56 points or 0.8% higher this morning. In late trade on Wall Street, the Dow Jones is up 1.9%, the S&P 500 is up 1.9%, and the Nasdaq has risen 1.55%.

Coles and Woolworths go ex-dividend

Coles Group Ltd (ASX: COL) and Woolworths Group Ltd (ASX: WOW) shares are likely to trade lower today when they go ex-dividend for their latest interim dividends. Coles will then be paying its fully franked 33 cents per share dividend on 31 March, whereas Woolworths will be paying its fully franked 39 cents per share dividend on 13 April.

Oil prices continue to shoot higher

It could be another good day for energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices charged higher. According to Bloomberg, the WTI crude oil price is up 6.8% to US$110.46 a barrel and the Brent crude oil price is up 7.1% to US$112.39 a barrel. Oil hit its highest level since 2011 after OPEC decided to hold its output steady despite the Russia-Ukraine war.

GrainCorp shares rated as a sell

The GrainCorp Ltd (ASX: GNC) share price is overvalued according to the team at Bell Potter. This morning the broker reiterated its sell rating and $6.70 price target on the grain exporter’s shares. It explained: “Ultimately, the tailwinds that the market is currently capitalising for GNC will dissipate, at which point management will face the daunting prospect of cycling record volumes and trading margins in FY23-24e. We do not see this view reflected in the current GNC share price.”

Gold price falls

It could be a difficult day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price dropped. According to CNBC, the spot gold price is down 0.9% to US$1,926.3 an ounce. The precious metal came under pressure after bond yields and stock rebounded.

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 and has recommended COLESGROUP DEF SET. 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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