On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and charged notably higher. The benchmark index rose 1.3 % to 7,115.1 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 strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 52 points or 0.75% higher this morning. In late trade in the United States, the Dow Jones is up 1.6%, the S&P 500 has risen 1.55%, and the NASDAQ has climbed 1.7%.
Oil prices charge higher
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a solid day after oil prices charged higher on Wednesday night. According to Bloomberg, the WTI crude oil price is up 2.75% to US$78.33 a barrel and the Brent crude oil price is up 2.85% to US$82.26 a barrel. Oil prices climbed after data showed a larger-than-expected draw in U.S. crude stockpiles.
Goldman retains its neutral rating on Pilbara Minerals
Despite recent weakness in the Pilbara Minerals Ltd (ASX: PLS) share price, Goldman Sachs has retained its neutral rating with an improved price target of $4.70. The broker said: "While near-term prices support a strong c.10-20% FCF yield over and above planned incremental capex spend, we see this as priced in trading at ~1x NAV on GSe LT US$1,000/t spodumene (peer average ~1x)."
MinRes rated as a buy
The Mineral Resources Ltd (ASX: MIN) share price could be good value according to analysts at Morgans. This morning, the broker initiated coverage on the miner and mining services company with an add rating and $94.00 target price. It said: "MIN is a business that is transforming from being primarily leveraged to high-cost / shortlife iron ore operations to low-cost / long-life iron ore and lithium assets."
Gold price edges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a mildly positive day after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.1% to US$1,826.5 an ounce. A firmer US dollar stopped the precious metal from rising further.
