On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had another disappointing session and dropped into the red. The benchmark fell 0.5% to 7,199.2 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 is expected to have a strong session on Thursday after a stellar night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 40 points or 0.55% higher this morning. In the United States, the Dow Jones rose 1.25%, the S&P 500 climbed 1.2% and the NASDAQ jumped 1.3%. Optimism over a US debt ceiling deal being reached gave stocks a boost.
Xero FY 2023 results
The Xero Limited (ASX: XRO) share price will be on watch today when the cloud accounting platform provider releases its full-year results. According to a note out of Goldman Sachs, its analysts are expecting FY 2023 revenue growth of 29% to NZ$1,410 million and EBITDA of NZ$295 million. It also expects âoperating expenses (as % sale) to be lower end of 80-85% range (GSe 81.6%) and c.80% in 2H23 (GSe. 79.5%).â Goldman is then looking for FY 2024 guidance of 17% revenue growth to NZ$1.65 billion.
Oil prices jump
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a great session after oil prices stormed higher on Wednesday night. According to Bloomberg, the WTI crude oil price is up 2.7% to US$72.76 a barrel and the Brent crude oil price is up 2.7% to US$76.90 a barrel. The US debt ceiling deal optimism also boosted oil prices.
Virgin Money shares go ex-dividend
The Virgin Money UK PLC (ASX: VUK) share price is likely to trade lower on Thursday. Thatâs because the UK bankâs shares are going ex-dividend this morning for its interim dividend of 6.2 cents per share. Eligible shareholders can look forward to receiving this dividend in a little over a month on 21 June.
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued session after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.3% to US$1,986.7 an ounce. Hawkish cues from US Fed officials put pressure on gold.
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 positions in Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Xero. The Motley Fool Australia has positions in and has recommended Xero. 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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