On Wednesday, the S&P/ASX 200 Index (ASX: XJO) gave back almost all its morning gains and finished the session only a fraction higher. The benchmark index rose a fraction to 8,592.1 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 on Thursday despite a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 19 points or 0.2% higher this morning. In the United States, the Dow Jones was flat, the S&P 500 was down 0.25%, and the Nasdaq fell 0.5%.
Oil prices jump
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 4.6% to US$67.94 a barrel and the Brent crude oil price is up 4% to US$69.56 a barrel. Traders were bidding oil prices higher in response to escalating tensions between the US and Iran.
Hold Coronado Global shares
The Coronado Global Resources Inc (ASX: CRN) share price is almost fully valued now following a strong gain this month. That's the view of analysts at Bell Potter, which have reaffirmed their speculative hold rating on the coal miner's shares with a price target of 19 cents. It said: "We maintain our Speculative Hold recommendation, recognising balance sheet risks during current weak coal markets. In the near-term, the ramp-up of Mammoth underground and the Buchanan expansion project should improve production volumes and lower unit costs."
Gold price rises
It could be a good session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price rose overnight. According to CNBC, the gold futures price is up 0.9% to US$3,372.2 an ounce. A cooler than expected US inflation reading boosted the precious metal.
Telix shares on watch
Telix Pharmaceuticals Ltd (ASX: TLX) shares will be on watch on Thursday after the radiopharmaceuticals company released an investor day update. At the event, the company spoke positively about its growth opportunities. This includes building a leading PSMA imaging portfolio and expanding the addressable market. It notes that its sees "potential to bring the total addressable market up to ~$6.7 billion in the U.S." This compares to an estimated $2.5 billion to $3.5 billion today.
