On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark rose 0.4% to 7,338 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market is expected to fall on Thursday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 2 points lower this morning. In the United States, the Dow Jones fell 0.55%, the S&P 500 dropped 0.7%, and the NASDAQ sank 1.2%.
Oil prices rise
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices charged higher on Wednesday night. According to Bloomberg, the WTI crude oil price is up 1.6% to US$84.26 a barrel and the Brent crude oil price is up 1.5% to US$87.46 a barrel. Tightening supplies lifted prices.
AGL results
AGL Energy Limited (ASX: AGL) shares will be on watch today when the energy giant releases its full-year results. Management advised that it is expecting underlying profit after tax to come in between $255 million and $285 million. This represents a year-on-year increase of 13.3% to 26.7%. Investors may want to look for an update on its FY 2024 underlying profit after tax guidance, which currently stands at $580 million to $780 million.
Gold price falls
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.55% to US$1,948.7 an ounce. The gold price fell ahead of the release of US inflation data.
CBA rated as a sell
The Commonwealth Bank of Australia (ASX: CBA) share price could be heading lower according to analysts at Goldman Sachs. This morning, the broker retained its sell rating with an $81.63 price target. Its analysts believe that Australia's largest bank's earnings have peaked and will not reach FY 2023 levels again until FY 2028.
