5 things to watch on the ASX 200 on Thursday

A man in trendy clothing sits on a bench in a shopping mall looking at his phone with interest as he reads about two ASX shares with 40% upside

A man in trendy clothing sits on a bench in a shopping mall looking at his phone with interest as he reads about two ASX shares with 40% upside

On Wednesday, the S&P/ASX 200 Index (ASX: XJO) followed the lead of US markets and dropped into the red. The benchmark index fell 0.3% to 6,975.9 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 is expected to rebound on Thursday following a stellar night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 32 points or 0.5% higher this morning. On Wall Street, strong US economic data sent the Dow Jones up 1.3%, the S&P 500 up 1.6%, and the NASDAQ up a sizeable 2.6%.

Centuria Industrial results

The Centuria Industrial REIT (ASX: CIP) share price will be one to watch on Thursday. This morning the industrial property company is scheduled to release its full year results. It has had a strong year and is expecting to deliver funds from operations (FFO) of no less than 18.2 cents per share and a full year distribution of 17.3 cents per share in FY 2022.

Oil prices tumble

Energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices tumbled on Wednesday night. According to Bloomberg, the WTI crude oil price is down 4% to US$90.71 a barrel and the Brent crude oil price is down 3.6% to US$96.90 a barrel. A surprise increase in US crude and gasoline inventories weighed on prices.

TechnologyOne rated as a buy

The TechnologyOne Ltd (ASX: TNE) share price could have plenty of room to climb higher from current levels. According to a note out of Bell Potter, its analysts have retained their buy rating and lifted their price target on the enterprise software company’s shares to $14.25. It said: “We forecast double digit underlying EPS growth in each of the next three years.” It feels this justifies a premium valuation.

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 overnight. According to CNBC, the spot gold price is down 0.4% to US$1,782.1 an ounce. A rebound by the US dollar and treasury yields put pressure on the safe haven asset.

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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended TechnologyOne Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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