On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark rose 0.4% to 7,148.4 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 is expected to rise again on Thursday following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.35% higher this morning. In the United States, the Dow Jones rose 0.55%, the S&P 500 jumped 1.1%, and the NASDAQ stormed 1.6% higher.
Oil prices tumble
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor day after oil prices tumbled on Wednesday night. According to Bloomberg, the WTI crude oil price is down 1.45% to US$78.49 a barrel and the Brent crude oil price is down 1.4% to US$82.84 a barrel. Demand concerns overshadowed a larger-than-expected drop in US crude inventories.
Qantas Airways Limited (ASX: QAN) shares will be on watch today when the airline operator releases its full-year results. Management is guiding to FY 2023 underlying profit before tax of between $2,425 million and $2,475 million. Goldman Sachs has suggested that an $800 million share buyback could be coming in FY 2024. So keep an eye out for that.
Gold price storms higher
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price stormed higher overnight. According to CNBC, the spot gold price is up 1% to US$1,945.9 an ounce. Softer treasury yields sent the precious metal to a two-week high.
Woolworths rated as a buy
The Woolworths Group Ltd (ASX: WOW) share price could be good value according to Goldman Sachs. This morning, the broker has responded to the retail giant's FY 2023 results by reiterating its conviction buy rating with a slightly trimmed $42 price target. It said: "We believe that WOW's further advanced omni-channel and digital strategy will drive both above market sales and profit growth relative to peers."