Due largely to declines in the resources sector, the S&P/ASX 200 Index finished the day 0.3% lower at 6,256.4 points on Wednesday.
Will the market be able to bounce back on Thursday? Here are five things to watch:
ASX futures pointing higher.
The Australian share market looks set to push higher on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 9 points or 0.15% higher this morning. This follows a soft night of trade on Wall Street which saw the Dow Jones end flat, the S&P 500 fall 0.2%, and the Nasdaq edge lower.
Oil prices lower.
Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) shares will be on watch again on Thursday after oil prices dropped lower overnight. According to Bloomberg, the WTI crude oil price fell 0.5% to US$63.73 a barrel and the Brent crude oil price edged 0.15% lower to US$71.61 a barrel.
Gold price drops again.
On Wednesday Australia's leading gold producers tumbled lower after a sizeable decline in the gold price. This led to the S&P/ASX All Ords Gold index finishing the day 1.7% lower. Northern Star Resources Ltd (ASX: NST), Resolute Mining Limited (ASX: RSG), and the rest of the gold miners could extend their declines today after the spot gold price continued its slide. According to CNBC, the spot gold price has fallen a further 0.1% to US$1,276.40 an ounce.
Buy Star and sell Tabcorp.
According to a note out of Goldman Sachs, its analysts have looked into the gaming sector and believe investors should be buying Star Entertainment Group Ltd (ASX: SGR) shares and selling Tabcorp Holdings Limited (ASX: TAH) shares. Goldman likes Star for valuation reasons and its domestic gaming outperformance, whereas it has concerns over the structural challenges that Tabcorp's wagering business faces.
Rio Tinto dividend being paid.
Eligible shareholders of mining giant Rio Tinto Limited (ASX: RIO) can look forward to being paid its latest dividend today. Rio Tinto is paying shareholders a fully franked final dividend of $2.51 per share and a fully franked special dividend of $3.39 per share.
