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On Wednesday, the S&P/ASX 200 Index (ASX:XJO) ended his losing streak and pushed higher. The benchmark index rose 0.5% to 6,998.1 points.
Will the market be able to take advantage of this on Thursday? Here are five things to watch:
ASX 200 expected to rise
The Australian stock market looks set to rally again on Thursday after Wall Street snapped a three-day losing streak. According to the latest SPI futures, the ASX 200 is expected to open the day 31 points or 0.45% higher this morning. On Wall Street, the Dow rose 0.2%, the S&P 500 rose 0.3% and the NASDAQ rose 0.4%.
A pair of ASX 200 travel stocks will report results on Thursday. Travel agent Flight Center Travel Group Ltd (ASX: FLT) and airline operator qantas airways limited (ASX: QAN) are scheduled to release their full-year results and are expected to report sizeable losses. Consensus estimates are for net losses of $264 million and $1.2 billion, respectively. The market will no doubt be looking for signs that a return to earnings is now in the offing.
Oil prices continue to rise
Energy Actions Including Santos Ltd. (ASX:STO) and Woodside Energy Group Ltd (ASX: WDS) could have another decent day on Thursday after oil prices rose again on Wednesday night. According to Bloomberg, the price of WTI crude rose 1.6% to $95.21 a barrel and the price of Brent crude rose 1.3% to $101.54 a barrel. Oil prices rose amid concerns that the United States will not consider further concessions to Iran.
the Woolworths Ltd Group (ASX: WOW) share price will be something to watch on Thursday, when the retail giant releases its full annual results. According to a note from Citi, its analysts expect a net profit after taxes of $1,523 million. The broker is also expecting a stronger outlook than the market is forecasting. He recently said: “We are ~4% above consensus for FY23e sales and ~5% above consensus for EBIT.”
The price of gold tends to rise
gold miners evolution mining ltd (ASX:EVN) and Resources Regis Limited (ASX: RRL) will be watching after a slightly positive night for gold prices. According to CNBC, the spot price of gold rose 0.2% to $1,765.1 an ounce. Gold rose ahead of the Jackson Hole Symposium.