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5 things to watch on the ASX 200 on Thursday

James Mickleboro

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.

The post 5 things to watch on the ASX 200 on Thursday appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020