On Wednesday the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped notably lower. The benchmark index fell 0.7% to 7,327.1 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to edge higher on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 0.1% higher this morning. This follows a decent night on Wall Street, which in late trade sees the Dow Jones up 0.15%, the S&P 500 up 0.2%, and the Nasdaq up 0.1%. Overnight the US Federal Reserve said it expects three rates hikes next year.
Oil prices rise
Energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a good day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.35% to US$70.98 a barrel and the Brent crude oil price is up 0.45% to US$74.03 a barrel. The US Federal Reserve’s statement helped reverse earlier losses caused by Omicron concerns.
CSL shares to return
The CSL Limited (ASX: CSL) share price is due to return to trade today after completing its institutional placement. CSL is raising US$4.5 billion (A$6.3 billion) from institutional investors and a further US$534 million (A$750 million) via a share purchase plan to part fund the acquisition of Vifor Pharma for US$12.3 billion (A$17.2 billion). Management notes that the deal expands CSL’s leadership across an attractive portfolio focused on renal disease and iron deficiency. In response, Citi has upgraded CSL’s shares to a buy rating.
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a difficult day after the gold price dropped. According to CNBC, the spot gold price is down 0.5% to US$1,763.30 an ounce. The gold price tumbled following news of the US Fed’s rate hike plans.
Annual general meetings
A number of ASX 200 shares are holding their annual general meetings on Thursday and could provide investors with trading updates. These include banking giant Australia and New Zealand Banking GrpLtd (ASX: ANZ), agribusiness company Elders Ltd (ASX: ELD), and commercial explosives company Orica Ltd (ASX: ORI). In addition, airline operator Qantas Airways Limited (ASX: QAN) is holding an investor update event this morning.
The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of August 16th 2021
More reading
- Here are the top 10 ASX shares today
- ANZ (ASX:ANZ) will hold its AGM tomorrow. Here’s what you need to know
- Here are the 3 most heavily traded ASX 200 shares this Wednesday
- Here’s what’s boosting the Santos (ASX:STO) share price today
- What’s impacting the Woodside (ASX:WPL) share price today?
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 and has recommended CSL Ltd. The Motley Fool Australia has recommended Elders Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3q36XT5
Leave a Reply