On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.7% to 8,126.2 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market looks set to fall on Thursday following a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 22 point or 0.25% lower this morning. In the United States, the Dow Jones was up 0.35%, the S&P 500 rose 0.15%, but the Nasdaq edged 0.1% lower.
Oil prices drop
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor session after oil prices dropped again overnight. According to Bloomberg, the WTI crude oil price is down 3.7% to US$58.19 a barrel and the Brent crude oil price is down 1.8% to US$63.12 a barrel. Traders have been selling oil amid concerns over demand and increasing supply.
Woolworths quarterly
The Woolworths Group (ASX: WOW) share price will be one to watch on Thursday when the supermarket giant releases its third quarter update. According to a note out of UBS, its analysts are expecting the company to outperform the market's expectations with a 4.6% year on year increase in sales to $17.6 billion. The consensus estimate is for third quarter sales of $16.6 billion.
Gold price falls
It could be a poor session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price tumbled overnight. According to CNBC, the gold futures price is down 1.1% to US$3,297.9 an ounce. This was driven by the release of weaker than expected US economic data, which has hit interest rate cut hopes.
Coles shares rated neutral
Coles Group Ltd (ASX: COL) shares are fully valued according to analysts at Goldman Sachs. This morning, in response to the supermarket giant's quarterly update, the broker has reaffirmed its neutral rating with a $19.00 price target. It said: "COL is trading at ~23x 1-yr fwd P/E with FY25-27e 2-yr EPS CAGR of ~11% vs LT P/E avg of 21.3x. We remain Neutral rated with A$19.0/sh TP (vs prev A$19.10/sh) implying -8% TSR as despite strong earnings growth outlook, it is largely a catch-up (~1% EPS CAGR FY23-25e) post supply chain cost drag."
