On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and slipped into the red. The benchmark index fell slightly to 8,845.7 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set for a good session on Thursday following a decent night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 48 points or 0.55% higher this morning. In the United States, the Dow Jones was up 0.1%, the S&P 500 rose 0.35%, and the Nasdaq pushed 0.4% higher.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough session on Thursday after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 0.9% to US$61.79 a barrel and the Brent crude oil price is down 1% to US$65.38 a barrel. Oil prices were under pressure from US and Asian economic concerns.
TPG shares upgraded
TPG Telecom Ltd (ASX: TPG) shares will be on watch today after Morgans upgraded the telco. According to the note, the broker has upgraded its shares to an accumulate rating with a $5.50 price target. It made the move on valuation grounds. It said: "Following recent share price weakness, we upgrade TPG to an ACCUMULATE recommendation. Our target price remains unchanged at $5.50. Recent challenges facing Optus could benefit Vodafone's mobile growth while TPG's upcoming capital management initiatives could deliver share price upside."
Gold price hits record high
It could be another decent session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price climbed to a new record high. According to CNBC, the gold futures price is up 0.4% to US$3,890 an ounce. Traders were buying gold in response to the US government shutdown.
Buy Mineral Resources shares
Mineral Resources Ltd (ASX: MIN) shares are good value according to analysts at Bell Potter. This morning, the broker has put a buy rating and $49.00 price target on the mining and mining services company's shares. It said: "The ramp-up of Onslow iron ore sales will support improved cash flows and balance sheet deleveraging. MIN is strategically positioned to benefit from a recovery in lithium markets, with around 450ktpa (SC6 attributable) of offline spodumene production capacity. MIN's mining services platform delivers a stable, recurring earnings stream that is expected to expand with internal and third-party volume growth."
