On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form and recorded a small gain. The benchmark index rose 0.15% to 8,820.6 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
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ASX 200 to rise
The Australian share market looks set to push higher on Thursday despite a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 14 points or 0.15% higher this morning. In the United States, the Dow Jones fell 0.1%, the S&P 500 was down 0.5%, and the Nasdaq tumbled 1%.
Oil prices rise
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session on Thursday after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 1.5% to US$62.06 a barrel and the Brent crude oil price is up 1.65% to US$66.55 a barrel. This was driven by concerns over potential supply disruption in Iran.
Buy Endeavour shares
Endeavour Group Ltd (ASX: EDV) shares could be in the buy zone according to analysts at Bell Potter. In response to the Dan Murphy's owner's trading update, the broker has retained its buy rating with a trimmed price target of $4.00. It said: "With a key negative catalyst now digested by the market (Retail gross margin reset), we can now look ahead to the strategy refresh where we believe expectations remain low (however, have improved given today's muted market reaction) and therefore presents upside surprise potential. The key risk to our thesis is a further reset in earnings following the strategy refresh."
Gold price rises
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Thursday after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 1.1% to US$4,647.3 an ounce. This appears to have been driven by geopolitical concerns.
BHP and Rio Tinto on watch
It looks set to be a good session for BHP Group Ltd (ASX: BHP) shares and Rio Tinto Ltd (ASX: RIO) shares on Thursday. On the NYSE overnight, both mining giants saw their US-listed shares rise over 2% to hit new 52-week highs thanks to rising commodity prices. This bodes well for their ASX-listed shares during today's session.
