On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark rose 0.8% to 7,561.2 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
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ASX 200 expected to rise again
The Australian share market looks set to open the day higher on Thursday despite a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 21 points or 0.3% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.1%, the S&P 500 is flat, and the NASDAQ is also flat.
Eagers Automotive cyber incident
Eagers Automotive Ltd (ASX: APE) shares will be on watch today if the auto retailer returns from its trading halt. On Wednesday, the company requested a trading halt so that it could prepare an announcement relating to a cyber incident.
Oil prices fall
It looks set to be a tough session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) on Thursday after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1.9% to US$74.10 a barrel and the Brent crude oil price is down 1.7% to US$79.59 a barrel. The return of ships to the Red Sea put pressure on prices.
Gold price rises
ASX 200 gold mining shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good session after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.9% to US$2,088.8 an ounce. This was driven by interest rate cut optimism.
Woolworths rated as a buy
The Woolworths Group Ltd (ASX: WOW) share price could be good value according to analysts at Goldman Sachs. This morning, its analysts have retained their buy rating and $42.40 price target on the retail giant's shares. The broker said: "We forecast Woolworths will deliver FY23-26E 3-yr group NPAT CAGR of 8.2%."
