5 things to watch on the ASX 200 on Thursday

On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.35% to 7,530.1 points.

Will the market be able to build on this on Thursday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market is expected to drop on Thursday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 32 points or 0.4% lower this morning. In late trade in the United States, the Dow Jones is down 0.45%, the S&P 500 has fallen 0.95%, and the NASDAQ has dropped 1.45%. The latter was impacted by Google parent Alphabet tumbling as much as 8% on AI competition concerns.

Suncorp rated as a buy

The Suncorp Group Ltd (ASX: SUN) share price could be in the buy zone according to analysts at Goldman Sachs. In response to its half year update, the broker has retained its buy rating and lifted its price target to $14.47. It said: “SUN’s 1H23 underlying insurance margin have proven more resilient and are benefiting from what appears to be earlier repricing, stronger yields and better management of claims inflationary pressures.”

Oil prices rise

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session after oil prices rose on Wednesday night. According to Bloomberg, the WTI crude oil price is up 1.6% to US$78.34 a barrel and the Brent crude oil price is up 1.5% to US$84.96 a barrel. This was driven by easing interest rate concerns.

AGL results

The AGL Energy Limited (ASX: AGL) share price will be on watch on Thursday when the energy company releases its half year results. According to CommSec, the market is expecting AGL to post a loss after tax of $47.3 million. The good news is that this isn’t expected to stop the company from paying an interim dividend of 17.5 cents per share.

Gold price edges higher

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.25% to US$1,889.6 an ounce. Market volatility appears to have boosted demand for 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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More reading

• Yields of up to 8%! Should I buy these ASX 200 dividend stocks in February?
• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why Boral, Galan Lithium, Nuix, and Suncorp shares are racing higher
• Why the Suncorp share price has rebounded and hit 52-week high

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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