On Wednesday the benchmark S&P/ASX 200 index pushed notably higher thanks largely to gains in the banking sector. The index finished the day up 0.8% to 6,375.9 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market looks set to give back some of yesterday's gain on Thursday. According to the latest SPI futures, the ASX 200 is poised to open the day 19 points or 0.3% lower this morning. This follows a disappointing night of trade on Wall Street which saw the Dow Jones drop 0.6%, the S&P 500 fall 0.75%, and the Nasdaq slide 0.6% after the U.S. Fed appeared to rule out a rate cut.
NAB results.
The National Australia Bank Ltd (ASX: NAB) share price will be on watch this morning when it becomes the latest bank to release its half year results. A note out of Goldman Sachs reveals that its analysts expect cash earnings (pre-one offs) of $3,009 million, up 9.1% on the prior corresponding period. The broker also expects the bank to cut its interim dividend to 89 cents per share.
Woolworths update.
Hot on the heels of the Coles Group Ltd (ASX: COL) third quarter sales update on Tuesday, rival Woolworths Group Ltd (ASX: WOW) is due to release its own this morning. According to a note out of Goldman Sachs, its analysts are expecting solid comparable store sales growth from the retail conglomerate. It has pencilled in 3% growth for the food segment, 1% growth for the liquor segment, 3.2% growth for its New Zealand supermarkets, and 3.7% growth for BigW.
Oil prices mixed.
Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) shares will be on watch today after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price fell 0.55% to US$63.56 a barrel and the Brent crude oil price pushed 0.1% higher to US$72.11 a barrel. A strong rise in U.S. crude inventories was behind the WTI decline.
Gold price lower.
Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) shares could come under pressure after the gold price sank lower overnight. According to CNBC, the spot gold price has fallen 0.65% to US$1,277 an ounce.
