On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and recorded another solid gain. The benchmark rose 0.7% to 7,088.4 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 edge higher
The Australian share market looks set to open slightly higher on Thursday following a positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 1 point higher this morning. In late trade on Wall Street, the Dow Jones is up 0.15%, the S&P 500 is up 0.35%, and the NASDAQ is 0.6% higher.
Oil prices fall
It could be a poor session for ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 2.3% to US$84.02 a barrel and the Brent crude oil price is down 1.5% to US$86.33 a barrel. A pledge by Saudi Arabia to stabilise the market eased supply concerns.
Buy Webjet shares
The team at Goldman Sachs thinks investors should be buying Webjet Limited (ASX: WEB) shares. This morning, the broker has upgraded the online travel agent's shares to a buy rating with an $8.30 price target. Goldman believes "the recent sell off overdone in our view."
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent session after the gold price rose overnight. According to CNBC, the spot gold price is up 0.6% to US$1,887.1 an ounce. The precious metal rose after treasury yields softened.
Sell Bank of Queensland shares
Goldman Sachs has responded to the Bank of Queensland Ltd (ASX: BOQ) FY 2023 results by reiterating its sell rating on the bank's shares with a $5.15 price target. It said: "[W]hile the company's transformation program is the right long-term strategy to deliver a strong and simpler bank, we believe it does leave the bank more exposed to inflation in non-staff costs."
