On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was a positive performer and pushed higher. The benchmark index rose 0.4% to 7,155 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
Image source: Getty Images
ASX 200 expected to rise
The Australian share market looks set to rise on Thursday following a positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.15% higher this morning. On Wall Street, the Dow Jones rose 0.6%, the S&P 500 climbed 0.95%, and the Nasdaq stormed 1.5%. This was driven by the release of the US Fed's minutes which revealed plans for further rate hikes to tame inflation.
Champion Iron full-year results
The Champion Iron Ltd (ASX: CIA) share price will be one to watch on Thursday when the iron ore miner releases its full-year results. According to a note out of Goldman Sachs, it is expecting Champion to report revenue of C$1,466 million and EBITDA of C$924 million. This will be a 14% and 12.8% increase, respectively, over the prior corresponding period.
Oil prices rise
It could be a good day for energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.95% to US$110.80 a barrel and the Brent crude oil price is up 0.75% to US$114.41 a barrel. Optimism over demand boosted prices.
Tabcorp downgraded
The Tabcorp Holdings Limited (ASX: TAH) share price could be almost fully valued according to analysts at Goldman Sachs. According to a note, the broker has downgraded the wagering company's shares to a neutral rating with a $1.07 price target. While Goldman is reasonably positive on new Tabcorp and notes that it offers "a unique business mix," it just doesn't see enough value to keep its buy rating.
Gold price tumbles
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a tricky day after the gold price tumbled lower overnight. According to CNBC, the spot gold price is down 0.7% to US$1,852.10 an ounce. The release of the US Federal Reserve's minutes weighed on the precious metal.
