5 things to watch on the ASX 200 on Thursday

The ASX 200 looks set to tumble on Thursday…

| More on:
A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was able to record a small gain despite weakness in the banking sector. The benchmark index rose 0.35% to 7,121.1 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 looks set to tumble on Thursday following a disappointing night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 53 points or 0.75% lower this morning. On Wall Street, the Dow Jones fell 0.8%, the S&P 500 dropped 1.1%, and the Nasdaq tumbled 0.7%. This was driven by concerns that rising oil prices could stifle economic growth.

Miners likely to fall

It could be a tough day for the mining sector after BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) saw their US listed shares tumble overnight. Both mining giant’s dropped approximately 2.5% due to the weakening global economic outlook because of rising inflation.

Oil prices storm higher

It could be a good day for energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices continued their ascent overnight. According to Bloomberg, the WTI crude oil price is up 2.6% to US$122.56 a barrel and the Brent crude oil price is up 2.9% to US$124.02 a barrel. Oil jumped to a 13-week high on rising US gasoline demand.

Gold price edges higher

Gold miners 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 0.15% to US$1,854.70 an ounce. The precious metal rose amid concerns over global growth.

St Barbara acquisition talks

The St Barbara Ltd (ASX: SBM) share price will be one to watch after $380 million Genesis Minerals Ltd (ASX: GMD) confirmed that it had been in acquisition talks with the gold miner. However, these talks have now concluded and St Barbara has yet to make a takeover offer. Genesis is a gold explorer with a project in close proximity to St Barbara’s Leonora operation.

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.

More on Share Market News

A group of happy office workers throw papers in the air and cheer after seeing the Latrobe Magnesium price skyrocket 38%
Share Market News

Here are the top 10 ASX 200 shares today

These ASX 200 shares outperformed all others on Thursday.

Read more »

Three male athletes sprint on an athletics track with the sun low on the horizon behind them representing the race between ASX lithium shares to outperform
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Thursday

Our most traded ASX 200 share today is down by more than 5%.

Read more »

Bear market
Share Market News

Here’s why one big bad bear is suggesting the stock market could crash by 50%

One strategist thinks markets haven't bottomed.

Read more »

Investor sitting in front of multiple screens watching share prices
Share Market News

5 things to watch on the ASX 200 on Thursday

Here's what to expect on the ASX 200 on Thursday...

Read more »

A trendy woman wearing sunglasses is making it rain, spraying cash on that bargain.
Share Market News

Here are the top 10 ASX 200 shares today

It was a great day on the market for these ASX 200 shares.

Read more »

An office worker and his desk covered in yellow post-it notes
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Wednesday

Guess which ASX 200 sector is dominating the market's volume charts today.

Read more »

Business woman watching stocks and trends while thinking
Share Market News

5 things to watch on the ASX 200 on Wednesday

It will be another busy day on the ASX 200 on Wednesday...

Read more »

Two couples having fun racing electric dodgem cars around a track
Share Market News

Here are the top 10 ASX 200 shares today

These 10 ASX 200 shares outperformed all others on Tuesday.

Read more »