On Wednesday, the S&P/ASX 200 Index (ASX: XJO) fought hard to carve out a modest gain. The benchmark index rose 2.5 points to 6,647.5 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to edge lower
The Australian share market looks set to edge lower on Thursday after a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 12 points or 0.2% lower this morning. In late trade in the United States, the Dow Jones is up 0.2%, the S&P 500 is down 0.1%, and the NASDAQ has risen 0.2%.
Bank of Queensland remains neutral rated
The Bank of Queensland Ltd (ASX: BOQ) share price will be one to watch today after yesterday's heroics. According to a note out of Goldman Sachs, its analysts have responded to the regional bank's results by retaining their neutral rating with an $8.51 price target. Goldman said: "Despite valuation support, we believe its NIM leverage will ultimately underperform peers and its expenses will remain under pressure."
Oil prices fall
Energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices dropped again on Wednesday night. According to Bloomberg, the WTI crude oil price is down 2.35% to US$87.25 a barrel and the Brent crude oil price is down 1.8% to US$92.57 a barrel. Global recession fears have been weighing on prices this week.
Lake Resources rated as a buy
The Lake Resources N.L. (ASX: LKE) share price has the potential to more than double in value according to analysts at Bell Potter. This morning the broker has retained its speculative buy rating with a slightly trimmed price target of $2.52. Bell Potter notes that the lithium developer has now signed two conditional offtake and equity agreements for a total of 50ktpa and 20%, respectively.
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 dropped overnight. According to CNBC, the spot gold price is down 0.35% to US$1,680 an ounce. Traders were selling down the precious metal ahead of the release of key US inflation data.
