The S&P/ASX 200 index returned to form on Wednesday and surged notably higher. The benchmark index ended the day 0.95% higher at 7,132.7 points.
Will the local share market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to drop lower.
It looks set to be a disappointing day of trade for the S&P/ASX 200 index. According to the latest SPI futures, the ASX 200 is expected to fall 24 points or 0.35% at the open. This follows a mixed night of trade on Wall Street which has seen the major indices give back the majority of their early gains. In late trade the Dow Jones is up 0.05%, the S&P 500 is up 0.1%, and the Nasdaq has risen 0.2%.
Westpac set to name new chairman.
According to the AFR, Westpac Banking Corp (ASX: WBC) is expected to name its new chairman this morning. Multiple sources have confirmed that Westpac will name former Australia and New Zealand Banking Group (ASX: ANZ) chief executive John McFarlane as the bank's new chairman. He will be replacing the outgoing Lindsay Maxsted.
Oil prices sink lower.
Energy shares such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be on the slide today after oil prices tumbled lower. According to Bloomberg, the WTI crude oil price is down 2.9% to US$56.69 a barrel and the Brent crude oil price has dropped 2.2% to US$63.16 a barrel. Oil prices sank lower due to oversupply concerns.
Gold price flat.
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price traded flat. According to CNBC, the spot gold price remains at US$1,558.10 an ounce. It was trading lower in earlier trade after coronavirus concerns eased.
Metcash dividend.
Shareholders of wholesale distributor Metcash Limited (ASX: MTS) can look forward to being paid its latest interim dividend on Thursday. Metcash is paying eligible shareholders a fully franked 6 cents per share dividend. Based on its last close price, this interim dividend equates to a 2.2% yield.
