On Wednesday the S&P/ASX 200 Index (ASX: XJO) was out of form again and recorded a sizeable decline. The benchmark index fell 1.9% to 6,931.7 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set for a subdued day on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 3 points higher this morning. On Wall Street, the Dow Jones fell 0.5%, the S&P 500 dropped 0.3%, and the Nasdaq edged slightly lower.
Nufarm half year results
The Nufarm Ltd (ASX: NUF) share price will be on watch today when it releases its half year results. According to a note out of Goldman Sachs, it is expecting agricultural chemicals company to report half year EBITDA of $160 million and net profit of $12 million. This compares to the market consensus estimate of $148 million and $2 million, respectively.
Oil prices sink
It could be a difficult day of trade for energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) after oil prices sank. According to Bloomberg, the WTI crude oil price is down 3.2% to US$63.43 a barrel and the Brent crude oil price has fallen 2.9% to US$66.69 a barrel. Oil prices came under pressure amid rising COVID-19 cases in Asia and inflation fears.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) could be on the rise today after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.2% to US$1,871.00 an ounce. The gold price rose after stocks slipped on inflation fears.
Webjet rated as a buy
Analysts at Goldman Sachs still see value in the Webjet Limited (ASX: WEB) share price following its full year results release. While Webjet fell -9.7% short of its revenue estimate due to its Webbeds business, its EBITDA beat by 5.5% thanks to lower than expected costs. Overall, the broker believes its long term thesis remains intact and has reiterated its buy rating and $6.40 price target.
