5 things to watch on the ASX 200 on Thursday

On Wednesday, the S&P/ASX 200 Index (ASX: XJO) continued its winning streak with another decent gain. The benchmark index rose 0.5% to 7,343.9 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 is expected to have a subdued session on Thursday after a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 2 points lower this morning. In the United States, the Dow Jones dropped 0.1%, the S&P 500 fell 0.4%, and the NASDAQ dropped 0.85%. This was driven by recession concerns, which offset positive inflation news in the US.

BHP-OZ Minerals scheme meeting

All eyes will be on BHP Group Ltd (ASX: BHP) and OZ Minerals Limited (ASX: OZL) shares on Thursday. That’s because the latter will be holding a scheme meeting to allow shareholders to vote on BHP’s proposed takeover of the copper miner for $28.25 per share or $9.8 billion.  The meeting will begin at 10:30am AEST.

Oil prices storm higher

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a strong session after oil prices stormed higher on Wednesday night. According to Bloomberg, the WTI crude oil price is up 2.1% to US$83.21 a barrel and the Brent crude oil price is up 1.9% to US$87.19 a barrel. This was driven by a lower than expected inflation reading in the United States.

Mineral Resources rated as a buy

The Mineral Resources Ltd (ASX: MIN) share price could be a top option for investors looking for exposure to the mining sector. That’s the view of analysts at Bell Potter, which have just retained their buy rating with a trimmed price target of $100. It explained: “We reduce our Target Price by 9.1%, driven by reductions to our lithium price forecasts, and maintain our Buy recommendation in accordance with our ratings structure, given our forecast TSR of 31.8%.”

Gold price rises

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent session after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.45% to US$2,028 an ounce. Gold rose after US inflation came in softer than forecast, sparking hopes that the US Fed could pause its rate hikes.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

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More reading

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• 5 things to watch on the ASX 200 on Wednesday

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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