On Wednesday, the S&P/ASX 200 Index (ASX: XJO) fought hard and was able to continue its positive run with a small gain. The benchmark index rose 0.15% to 8,010.5 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to rise again
It looks set to be another positive session for Aussie investors on Thursday following a decent night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 29 points or 0.35% higher this morning. In the United States, the Dow Jones was up 0.2%, the S&P 500 rose 0.4%, and the Nasdaq climbed 0.55%.
Oil prices fall
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough session after oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is down 1.7% to US$71.93 a barrel and the Brent crude oil price is down 1.45% to US$76.07 a barrel. Weak economic data put pressure on oil prices.
Medibank FY 2024 results
Medibank Private Ltd (ASX: MPL) shares will be on watch this morning when the private health insurance company releases its full year results. According to a note out of Goldman Sachs, its analysts are expecting the company to report a full year underlying net profit after tax of $573.4 million. Its analysts expect this to allow the Medibank board to declare a final fully franked dividend of 9.5 cents per share.
Gold price eases
It could be an underwhelming session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.1% to US$2,549 an ounce. This may have been driven by profit taking after the precious metal hit a record high. It is also worth noting that Northern Star will be releasing its results today.
Buy Domino's shares
Domino's Pizza Enterprises Ltd (ASX: DMP) shares could be undervalued according to analysts at Goldman Sachs. In response to the pizza chain operator's full year results, the broker has reiterated its buy rating on its shares with a $40.00 price target. This implies potential upside of over 20% for investors. It said: "While there is still significant progress to be made, we believe that earnings has troughed in FY24 and see a path of improvement through FY25."
