On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.6% to 8,827.1 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
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ASX 200 expected to rise
The Australian share market looks set to rise on Thursday following a solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 33 points or 0.4% higher this morning. In late trade in the United States, the Dow Jones is up 1%, the S&P 500 has risen 0.2%, and the Nasdaq is edging slightly higher.
Oil prices fall
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.6% to US$62.18 a barrel and the Brent crude oil price is down 1.35% to US$65.23 a barrel. This was driven by news that the IEA has increased its supply forecast.
Telstra results
Telstra Group Ltd (ASX: TLS) shares will be on watch this morning when the telco giant releases its full year results. According to a note out Macquarie, its analysts are expecting Telstra to report a 1% increase in revenue to $23,687 million and a 5% lift in underlying EBITDA to $8,655 million. The latter is broadly in line with the consensus estimate of $8,640 million. The market is expecting a fully franked dividend of 19 cents per share for the financial year.
Gold price rises
It could be a decent session for ASX 200 gold miners 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 0.3% to US$3,408.3 an ounce. A weaker US dollar and rate cut hopes boosted the precious metal.
Hold Evolution shares
The Evolution Mining Ltd (ASX: EVN) share price is almost fully valued now according to analysts at Bell Potter. This morning, the broker has retained its hold rating on the gold miner's shares with an improved price target of $8.15. It said: "We lift our dividend forecast, reflecting a less conservative stance following the increased FY25 distribution and management commentary reinforcing shareholder returns as a top priority. EVN offers effectively unhedged gold and copper exposure via a portfolio of high quality, long-life, low-cost assets in Tier 1 jurisdictions. Our NPV-based Target Price lifts 3%, to $8.15/sh and we retain our Hold recommendation."
