On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index tumbled 0.6% to 8,538.6 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 to rebound on Thursday following a positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 47 points or 0.55% higher this morning. In the United States, the Dow Jones was up 0.5%, the S&P 500 rose 0.6%, and the Nasdaq jumped 0.95%.
Oil prices flat
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued session after oil prices traded largely flat overnight. According to Bloomberg, the WTI crude oil price is a fraction lower at US$68.32 a barrel and the Brent crude oil price is flat at US$70.15 a barrel. This was driven by a surprise build in US crude inventories.
Hold Lifestyle Communities shares
The Lifestyle Communities Ltd (ASX: LIC) share price is close to being fair value now despite crashing almost 40% on Wednesday. According to a note out of Bell Potter, its analysts have retained their hold rating with a heavily reduced price target of $5.00 (from $8.55). It said: "What we viewed as a rocky road ahead appears all the more challenging now, demonstrated by the SP reaction today. While LIC will challenge the decision, and now screens inexpensively vs. sector peers, potential asset write-offs, legal implications, balance sheet implications (further asset sales, potential equity requirement), retention of DMF model are all likely to weigh on LIC foreseeably."
Gold price rises
It could be a decent session for ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 0.15% to US$3,321.9 an ounce. The gold price rebounded after hitting a one-week low.
Champion Iron pay day
Today is pay day for eligible holders of Champion Iron Ltd (ASX: CIA) shares. At the end of May, the Canada-based iron ore miner released its full year results and declared its eight consecutive semi-annual dividend of 10 cents per share. This equates to a 2.3% dividend yield and will be hitting shareholder bank accounts later on Thursday.
