On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a great session and stormed higher. The benchmark index jumped 0.8% to 8,199.5 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
The Australian share market looks set for another positive session on Thursday following a fantastic night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 1 point higher this morning. In late trade in the United States, the Dow Jones is up 3.4%, the S&P 500 is up 2.4%, and the Nasdaq is 2.8% higher.
Australian shares look set to rise on Thursday after Donald Trump stormed to victory in the US election. As mentioned above, Wall Street was on fire following the news, with US stocks roaring higher. Dual listed shares such as Block Inc (ASX: SQ2) and Life360 Inc. (ASX: 360) have pushed higher on the news. But small cap stocks were the biggest winner on Wall Street, with the Russell 2000 jumping 5%. This may bode well for Aussie small caps on Thursday.
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) look set to have a poor session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.4% to US$70.97 a barrel and the Brent crude oil price is down 1.5% to US$74.38 a barrel. This was driven by a stronger US dollar following news of Donald Trump's election victory.
It looks set to be a difficult session for ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price sank overnight. According to CNBC, the gold futures price is down 3% to US$2,666.1 an ounce. A strong US dollar put pressure on the precious metal.
National Australia Bank Ltd (ASX: NAB) shares will be on watch today when the banking giant will become the second big four bank to report its full year results this month. As covered here, the team at UBS is forecasting NAB to report revenue of $20.3 billion, a pre-tax profit of $9.87 billion, and a net profit of $6.9 billion for FY 2024. The consensus estimate is for total dividends of $1.68 per share for the year.
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