On Wednesday, the S&P/ASX 200 Index (ASX: XJO) continued its positive run with the smallest of gains. The benchmark index rose slightly to 7,569.2 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 have another positive day despite a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.3% higher this morning. On Wall Street, the Dow Jones rose 0.7%, but the S&P 500 dropped 0.1% and the Nasdaq tumbled 1.2%. The latter was hit by a 35% decline by Netflix shares.
Oil prices flat
It could be a subdued day for energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices traded largely flat. According to Bloomberg, the WTI crude oil price is unchanged at US$102.56 a barrel and the Brent crude oil price is up slightly to US$107.31 a barrel. Traders appear unsure which direction oil will take given concerns over both supply and demand.
Zip Q3 update
The Zip Co Ltd (ASX: Z1P) share price hit a new multi-year low on Thursday. Investors will be hoping the release of the buy now pay later provider's third quarter update this morning is the catalyst to getting its shares heading in the right direction again. The company's shares are also due to start trading under the ticker code "ZIP" from today.
Gold price edges lower
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.1% to US$1,958.80 an ounce. Improving bond yields reduced the appeal of the precious metal.
Megaport's third quarter update
The Megaport Ltd (ASX: MP1) share price will be one to watch when the network as a service provider releases its third quarter update. According to a note out of Goldman Sachs, its analysts are expecting Megaport's second half revenue growth to accelerate. The broker expects revenue growth of 48% for the half, so a strong third quarter will be need to achieve this forecast. Elsewhere, also releasing a third quarter update today is mining giant BHP Group Ltd (ASX: BHP).
