5 things to watch on the ASX 200 on Thursday

Here’s what to expect on the ASX 200 on Thursday…

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On Wednesday the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.25% to 7,512 points.

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

ASX 200 expected to fall again

The Australian share market looks set to fall again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 27 points or 0.35% lower this morning. This follows a poor night of trade on Wall Street, which saw the Dow Jones fall 0.25%, the S&P 500 drop 0.15%, and the Nasdaq tumble 0.65%.

Shares going ex-dividend

Another group of shares are trading ex-dividend this morning and could drop lower. This includes the likes of engineering company Monadelphous Group Limited (ASX: MND), entertainment company Nine Entertainment Co Holdings Ltd (ASX: NEC), and mining giant South32 Ltd (ASX: S32).

Oil prices rebound

It could be a better day for energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 1.5% to US$69.34 a barrel and the Brent crude oil price has risen 1.35% to US$72.66 a barrel. Oil prices climbed after U.S. producers in the Gulf of Mexico made slow progress in restoring output after Hurricane Ida.

Gold price softens

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued day after the gold price edged lower again. According to CNBC, the spot gold price is down 0.4% to US$1,791.2 an ounce. A stronger US dollar sent the gold price down to a two-week low.

Macquarie shares given neutral rating again

The Macquarie Group Ltd (ASX: MQG) share price continues to be fully valued according to analysts at Goldman Sachs. For a second time in two days, the broker has retained its neutral rating on the company’s shares. However, after looking through Macquarie’s trading update from yesterday, the broker has lifted its price target by 9% to $170.62. This compares to the latest Macquarie share price of $179.13.

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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 owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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