5 things to watch on the ASX 200 on Thursday

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought

On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark index rose 0.7% to 7,231.8 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. According to the latest SPI futures, the ASX 200 is expected to open the day 4 points lower this morning. In late trade in the United States, the Dow Jones is up 0.3%, the S&P 500 has risen 0.4%, and the NASDAQ has climbed 0.7%. Minutes from the US Federal Reserve boosted stocks.

Qantas shares rated as a buy

The Qantas Airways Limited (ASX: QAN) share price may have stormed to a 52-week high on Wednesday, but Goldman Sachs believes it could keep ascending. According to a note, the broker has reiterated its conviction buy rating with an improved price target of $8.20. It said: “We believe the stock is not appropriately pricing QAN’s improved earnings capacity.”

Oil prices sink

Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a difficult day after oil prices sank on Wednesday night. According to Bloomberg, the WTI crude oil price is down 3.9% to US$77.82 a barrel and the Brent crude oil price is down 3.7% to US$85.14 a barrel. Russian price cap talks and a build up of US gasoline weighed on prices.

More annual general meetings

The annual general meetings continue on Thursday with another group of ASX 200 shares hosting their yearly events. This includes retail giant Harvey Norman Holdings Limited (ASX: HVN), coal miner New Hope Corporation Limited (ASX: NHC), and gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL).

Gold price rises

Gold shares Evolution and Regis Resources will also be on watch after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.7% to US$1,752.5 an ounce. Comments from the US Federal Reserve that smaller rate hikes could be coming soon boosted the gold price.

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 positions in and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd. 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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