On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a day to forget and dropped deep into the red. The benchmark index fell a disappointing 2.6% to 6,828.6 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to rise on Thursday after Wall Street rebounded. 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 rose 0.1%, the S&P 500 climbed 0.35% and the NASDAQ pushed 0.75% higher.
News Corp named as a buy
The News Corp (ASX: NWS) share price is great value according to analysts at Godman Sachs. This morning the broker retained its buy rating and $31.00 price target on the media company's shares. This implies potential upside of almost 24% for investors over the next 12 months.
Oil prices rise
Energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have decent day after oil prices pushed higher on Wednesday night. According to Bloomberg, the WTI crude oil price is up 1.6% to US$88.70 a barrel and the Brent crude oil price is up 1.15% to US$94.23 a barrel. Supply concerns continue to boost prices.
Shares going ex-dividend
Another group of shares will be going ex-dividend on Thursday and could trade lower. This includes building materials company Fletcher Building Limited (ASX: FBU), battery materials miner IGO Ltd (ASX: IGO), investment company Seven Group Holdings Ltd (ASX: SVW), and mining giant South32 Ltd (ASX: S32).
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a difficult day after the gold price fell again overnight. According to CNBC, the spot gold price is down 0.7% to US$1,706.60 an ounce. Rate hike bets continue to weigh on the precious metal.
