On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a strong day and stormed higher. The benchmark index rose 1% to 7,053 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to rise again on Thursday following a stunning night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.2% higher this morning. In late trade on Wall Street, the Dow Jones is up 2%, the S&P 500 is up 2.6%, and the Nasdaq has risen 3.4%. Falling oil prices have boosted equities.
Rio Tinto shares go ex-dividend
The Rio Tinto Limited (ASX: RIO) share price is likely to trade sharply lower today. This is because the mining giant's shares are trading ex-dividend this morning for its enormous $6.63 per share fully franked final dividend. Eligible shareholders can then look forward to receiving this payout next month on 21 April. South32 Ltd (ASX: S32) shares may also trade lower for the same reason.
Oil prices sink
It could be a very difficult day for energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 12.8% to US$107.64 a barrel and the Brent crude oil price is down 14.2% to US$109.83 a barrel. This follows indications that the US is making progress in encouraging more oil production from other sources, such as Iraq and UAE.
Nickel Mines rated as a buy
The Nickel Mines Ltd (ASX: NIC) share price could be great value according to the team at Bell Potter. Its analysts believe recent weakness has created an opportunity for investors and has reiterated its buy rating and $1.76 price target. This follows confirmation that agreements and the shareholding of major customer and shareholder, Tsingshan, will not be impacted by the nickel short squeeze. Bell Potter estimates that Tsingshan could be down by as much as US$7.4 billion on its trade.
Gold price tumbles
It could be a difficult day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price tumbled. According to CNBC, the spot gold price is down 2.7% to US$1,987.7 an ounce. The precious metal came under pressure after investors moved back into risk assets.
