5 things to watch on the ASX 200 on Thursday

A good session is expected for the ASX 200 on Thursday.

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark rose 0.4% to 7,148.4 points.

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

ASX 200 expected to rise

The Australian share market is expected to rise again on Thursday following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.35% higher this morning. In the United States, the Dow Jones rose 0.55%, the S&P 500 jumped 1.1%, and the NASDAQ stormed 1.6% higher.

Oil prices tumble

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor day after oil prices tumbled on Wednesday night. According to Bloomberg, the WTI crude oil price is down 1.45% to US$78.49 a barrel and the Brent crude oil price is down 1.4% to US$82.84 a barrel. Demand concerns overshadowed a larger-than-expected drop in US crude inventories.

Qantas results

Qantas Airways Limited (ASX: QAN) shares will be on watch today when the airline operator releases its full-year results. Management is guiding to FY 2023 underlying profit before tax of between $2,425 million and $2,475 million. Goldman Sachs has suggested that an $800 million share buyback could be coming in FY 2024. So keep an eye out for that.

Gold price storms higher

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price stormed higher overnight. According to CNBC, the spot gold price is up 1% to US$1,945.9 an ounce. Softer treasury yields sent the precious metal to a two-week high.

Woolworths rated as a buy

The Woolworths Group Ltd (ASX: WOW) share price could be good value according to Goldman Sachs. This morning, the broker has responded to the retail giant's FY 2023 results by reiterating its conviction buy rating with a slightly trimmed $42 price target. It said: "We believe that WOW's further advanced omni-channel and digital strategy will drive both above market sales and profit growth relative to peers."

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 positions in and has recommended Goldman Sachs Group. 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.

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