On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form and charged higher. The benchmark index rose 0.6% to 8,535.3 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
The Australian share market looks set to rise on Thursday despite a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.15% higher this morning. In late trade in the United States, the Dow Jones is down 0.5%, the S&P 500 is down 0.4%, and the Nasdaq is 0.1% lower.
Pro Medicus Limited (ASX: PME) shares will be on watch today when the high-flying health imaging technology company releases its half year results. Goldman Sachs is expecting a strong result. It said: "We forecast 1H25 revenue +33% to A$99mn (Visible Alpha Consensus Data A$99mn); (2) EBITDA 45% to A$76mn (consensus A$75mn) at 76.9% margin; (3) EPS +41% to 48.9¢ (consensus 47.7¢); and (4) DPS +36% to 24.6¢ (consensus 24.2¢)."
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a difficult session after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 2.55% to US$71.45 a barrel and the Brent crude oil price is down 2.3% to US$75.22 a barrel. Rising US crude inventories and a hotter than expected US inflation reading weighed on prices.
It could be a subdued session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price edged lower overnight. According to CNBC, the gold futures price is down 0.15% to US$2,928.7 an ounce. Higher than expected US inflation was behind the drop.
Suncorp Group Ltd (ASX: SUN) shares are still in the buy zone according to analysts at Goldman Sachs. In response to the insurance giant's half year results, the broker has reaffirmed its buy rating with an improved price target of $21.00. It said: "We remain Buy rated on SUN with a new 12-m PT of $21.00. 1) Result takeaway: Reported NPAT result was a strong beat vs both GSe and consensus driven primarily by benign perils and better than expected underlying margin at 11.8% v GSe of 11.5%. Result points to evidence of improving resilience in U/L margins."
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