5 things to watch on the ASX 200 on Thursday

A better session is expected for Aussie investors today.

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a day to forget and tumbled deep into the red. The benchmark index sank a disappointing 1.3% to 7,782.5 points.

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

ASX 200 expected to rebound

The Australian share market looks set for a better session on Thursday following an improved night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 23 points or 0.3% higher this morning. In late trade on Wall Street, the Dow Jones is down 0.1%, but the S&P 500 has risen 0.15% and the Nasdaq is 0.2% higher.

Oil prices rise again

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent session after oil prices rose again overnight. According to Bloomberg, the WTI crude oil price is up 0.4% to US$85.47 a barrel and the Brent crude oil price is up 0.5% to US$89.38 a barrel. Rising geopolitical tensions have given oil prices a lift.

Dividend payday

Today is another big day for dividends with a number of ASX 200 shares distributing their latest payouts to their lucky shareholders. Among the companies that are paying dividends today are financial services company AMP Ltd (ASX: AMP), diversified food company Bega Cheese Ltd (ASX: BGA), mining giant South32 Ltd (ASX: S32), and energy behemoth Woodside. The latter is paying out a fully franked final dividend of 91.7 cents per share this morning.

Gold price jumps

It looks set to be a very good session for ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price jumped overnight. According to CNBC, the spot gold price is up 1.5% to US$2,315.3 an ounce. The precious metal climbed to a new record high after demand for safe haven assets increased due to geopolitical risks.

Buy BHP shares

The BHP Group Ltd (ASX: BHP) share price is good value according to analysts at Goldman Sachs. This morning, the broker has retained its buy rating and $49.20 price target on the mining giant's shares. Goldman named four reasons why it rates BHP as a buy. It said: "(1) Attractive valuation, but at a premium to RIO; (2) GS bullish copper and met coal; (3) Optionality with the +US$20bn copper pipeline and strong production growth over 24/25; (4) Robust FCF, but still below RIO."

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. 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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