On Wednesday the S&P/ASX 200 index was out of form and tumbled notably lower. The benchmark index fell 1.3% to 6,722.4 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX futures pointing lower.
The S&P/ASX 200 index looks set to continue its slide on Thursday. According to the latest SPI futures, the S&P/ASX 200 index is expected to drop 7 points or 0.1% lower at the open. This follows a disappointing night of trade on Wall Street which in late trade sees the Dow Jones down 0.5%, the S&P 500 index trading 0.45% lower, and the Nasdaq sinking 0.6% lower.
Oil prices rebounds.
It could be a good day for energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices surged higher. According to Bloomberg, the WTI crude oil price rose 3.1% to US$56.91 a barrel and the Brent crude oil price jumped 2.5% to US$62.46 a barrel. Rising tensions in the Middle East caused the spike in prices.
Annual general meetings.
Another group of shares will be holding their annual general meetings on Thursday. This includes intellectual property company IPH Ltd (ASX: IPH), lithium miner Pilbara Minerals Ltd (ASX: PLS), and nickel producer Western Areas Ltd (ASX: WSA).
Gold price slides.
Gold miners Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) will be on watch today after the gold price edged lower. The price of the precious metal fell 0.1% to US$1,472.50 an ounce.
The National Australia Bank Ltd (ASX: NAB) share price could be on the move today following the release of an after-market announcement yesterday. The banking giant announced that it has settled its class action with Slater & Gordon Limited (ASX: SGH) in relation to the sale of Consumer Credit Insurance. NAB has agreed to settle the class action for $49.5 million.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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