On Wednesday, the S&P/ASX 200 Index (ASX: XJO) continued its poor run and sank again. The benchmark index fell 0.8% to 7,261.2 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market looks set to rebound on Thursday following an improved night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 36 points or 0.5% higher this morning. On Wall Street, the Dow Jones rose 0.2%, the S&P 500 climbed 0.2% and the Nasdaq traded flat.
The Cochlear Limited (ASX: COH) share price will be one to watch today. This follows news that the hearing solutions company is making an acquisition. Cochlear has agreed to pay A$170 million to acquire Oticon Medical. It currently has a base of more than 75,000 hearing implant recipients, which includes cochlear and acoustic implants. While Oticon Medical is expected to add A$75 million to $80 million to annual revenue, the business is currently loss making.
Oil prices push higher
It could be a decent day for energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices traded higher. According to Bloomberg, the WTI crude oil price is up 0.35% to US$102.06 a barrel and the Brent crude oil price is up to US$105.28 a barrel. This follows data out of the US which revealed that inventories remain tight.
Coles third quarter update
The Coles Group Ltd (ASX: COL) share price could be on the move today when the supermarket giant releases its third quarter update. According to a note out of Goldman Sachs, its analysts expect third quarter sales of $8.7 billion. This will be a 2.4% year on year increase and driven by comparable sales growth of 3.5% in the supermarkets division to $8 billion and 2% comparable sales growth in the liquor division.
Gold price tumbles
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a poor day after the gold price dropped to a two-month low overnight. According to CNBC, the spot gold price is down 0.95% to a two US$1,885.80 an ounce. A strong US dollar weighed on the precious metal.
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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. has positions in and has recommended Cochlear Ltd. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Cochlear 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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