5 things to watch on the ASX 200 on Thursday

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On Wednesday the S&P/ASX 200 Index (ASX: XJO) was out of form again and dropped into the red. The benchmark index fell 0.15% to 7,399.4 points.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set to drop again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2% lower this morning. This follows a poor night on Wall Street, which in late trade sees the Dow Jones down 0.25%, the S&P 500 down 0.1%, and the Nasdaq down a few points.

Oil prices edge lower

Energy shares including Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could have a soft day after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down 0.2% to US$78.36 a barrel and the Brent crude oil price has fallen 0.2% to US$82.16 a barrel. Oil reserve releases are weighing on prices.

Rio Tinto shares named as a buy

The Rio Tinto Limited (ASX: RIO) share price could be great value according to the team at Goldman Sachs. This morning the broker has retained its buy rating and $121.00 price target on them mining giant’s shares. This is due to its attractive valuation, strong free cash flow, production growth potential, and its exposure to low emission aluminium.

Gold price falls

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued day after the gold price edged lower. According to CNBC, the spot gold price is down 0.05% to US$1,783.1 an ounce. The gold price slipped amid the release of strong US economic data.

Annual general meetings

There are a number of ASX 200 shares holding their annual general meetings on Thursday. These companies could also provide investors with trading updates at their respective events. Among the shares holding meetings are gold miner Evolution Mining, financial services company IOOF Holdings Limited (ASX: IFL), and struggling ecommerce company Kogan.com Ltd (ASX: KGN).

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

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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