On Wednesday, the S&P/ASX 200 Index (ASX: XJO) fought hard to carve out a modest gain. The benchmark index rose 2.5 points to 6,647.5 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to edge lower
The Australian share market looks set to edge lower on Thursday after a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 12 points or 0.2% lower this morning. In late trade in the United States, the Dow Jones is up 0.2%, the S&P 500 is down 0.1%, and the NASDAQ has risen 0.2%.
Bank of Queensland remains neutral rated
The Bank of Queensland Ltd (ASX: BOQ) share price will be one to watch today after yesterday’s heroics. According to a note out of Goldman Sachs, its analysts have responded to its results by retaining their neutral rating with an $8.51 price target. Goldman said: “Despite valuation support, we believe its NIM leverage will ultimately underperform peers and its expenses will remain under pressure.”
Oil prices fall
Energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices dropped again on Wednesday night. According to Bloomberg, the WTI crude oil price is down 2.35% to US$87.25 a barrel and the Brent crude oil price is down 1.8% to US$92.57 a barrel. Global recession fears have been weighing on prices this week.
Lake Resources rated as a buy
The Lake Resources N.L. (ASX: LKE) share price has the potential to more than double in value according to analysts at Bell Potter. This morning the broker has retained its speculative buy rating with a slightly trimmed price target of $2.52. Bell Potter notes that the lithium developer has now signed two conditional offtake and equity agreements for a total of 50ktpa and 20%, respectively.
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 0.35% to US$1,680 an ounce. Traders were selling down the precious metal ahead of the release of key US inflation data.
The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.
More reading
- Here are the top 10 ASX 200 shares today
- Looking to buy Bendigo Bank shares? Here’s how the bank compares with peers on one key metric
- Why Baby Bunting, Block, Fortescue, and Santos shares are dropping
- Why investors were looking on the bright side for ASX 200 bank shares today
- Bank of Queensland, BrainChip, Coronado Global, and Lake Resources shares are rising
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 no position in any of the stocks mentioned. 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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