5 things to watch on the ASX 200 on Thursday

Will the market be able to climb to a new record high on Thursday?
The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia. –

On Wednesday the S&P/ASX 200 Index (ASX: XJO) was in fine form and charged to new record high. The benchmark index rose 1% to 7,217.8 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 push higher again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 17 points or 0.25% higher this morning. This follows a mildly positive night of trade on Wall Street, which saw the Dow Jones rise 0.1%, the S&P 500 climb 0.15%, and the Nasdaq push 0.15% higher.

Worley given conviction buy rating

The Worley Ltd (ASX: WOR) share price could be very good value according to analysts at Goldman Sachs. This morning the broker has retained its conviction buy rating and $15.60 price target on the engineering company’s shares. It commented: “We view WOR as well positioned to capitalize on ramping sustainability spend, with our forecasts calling for green spend (ex LNG) rising to 22% of segment EBIT by 2025E.”

Oil prices rise again

Energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices pushed higher again. According to Bloomberg, the WTI crude oil price is up 1.6% to US$68.77 a barrel and the Brent crude oil price has risen 1.5% to US$71.31 a barrel. OPEC’s supply discipline and growing demand is supporting prices.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) could trade higher today after the gold price strengthened overnight. According to CNBC, the spot gold price is up 0.3% to US$1,911 an ounce. The gold price rose after US yields eased.

Qantas refunds under scrutiny

The Qantas Airways Limited (ASX: QAN) share price will be on watch today after rival airline Regional Express Holdings Ltd (ASX: RGS) accused it of sitting on $1 billion of customer refunds. Rex deputy chairman John Sharp is calling on Qantas to offer the same refund guarantee as it does.

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More reading

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The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

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