On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark rose 0.3% to 7,257.8 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 open the day higher on Thursday following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 31 points or 0.4% higher this morning. In late trade on Wall Street, the Dow Jones is up 1%, the S&P 500 is up 1%, and the NASDAQ is 1% higher. Investors were buying stocks after the US Federal Reserve held rates steady and then hinted at three rate cuts next year.
Westpac AGM
Westpac Banking Corp (ASX: WBC) shares will be on watch today when Australia's oldest bank holds its annual general meeting. It is possible that the bank will provide investors with a trading update at the event. All eyes will be on its costs and net interest margin if it does.
Oil prices rebound
It looks set to be a good session for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 1.25% to US$69.47 a barrel and the Brent crude oil price is up 1.4% to US$74.27 a barrel. A big US inventory decline and the prospect of rate cuts boosted prices.
Gold price charges higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a great session after the gold price charged higher overnight. According to CNBC, the spot gold price is up 1.35% to US$2,020.1 an ounce. Gold rose after the US Federal Reserve predicted three interest rate cuts in 2024.
Metcash goes ex-dividend
The Metcash Limited (ASX: MTS) share price could come under pressure on Thursday. That's because the wholesale distributor's shares will be going ex-dividend this morning for its latest dividend. Eligible shareholders can now look forward to receiving Metcash's 11 cents per share fully franked dividend next month on 30 January.
