On Wednesday the S&P/ASX 200 Index (ASX: XJO) ended its incredible seven-session winning streak with a small decline. The benchmark index fell 0.3% to 6,179.2 points.
Will the market be able to build bounce back from this on Thursday? Here are five things to watch:
ASX 200 futures pointing slightly lower.
The Australian share market is expected to edge lower on Thursday after a weak night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 1 point lower this morning. In late trade on Wall Street the Dow Jones is down 0.3%, the S&P 500 has fallen 0.4% lower, and the Nasdaq is down 0.5%.
Perpetual annual general meetings.
The Perpetual Limited (ASX: PPT) share price will be one to watch today when it holds its virtual annual general meeting. The fund manager is likely to provide the market with an update on its performance during the first quarter at the event.
Gold price rebounds.
It could be a good day for gold miners such as Newcrest Mining Limited (ASX: NCM) and Saracen Mineral Holdings Limited (ASX: SAR) after the gold price rebounded. According to CNBC, the spot gold price is up 0.7% to US$1,907.70 an ounce. A pullback in the U.S. dollar and economic uncertainty gave the precious metal a lift.
Bank of Queensland shares rated as a buy.
The Bank of Queensland Limited (ASX: BOQ) share price could be heading higher from here according to analysts at Goldman Sachs. In response to its full year results yesterday, the broker has retained its buy rating and lifted its price target to $7.39. Goldman believes Bank of Queensland’s net interest margin outperformance will continue.
Oil prices rise again.
Energy shares such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be on the rise after oil prices pushed higher again. According to Bloomberg, the WTI crude oil price is up 2.25% to US$41.11 a barrel and the Brent crude oil price is up 2.3% to US$43.42 a barrel. Traders were buying oil amid hopes that U.S. crude oil stockpiles are falling.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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