On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a subdued session and slipped into the red. The benchmark index fell 0.1% to 8,947.6points.
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 good session on Thursday following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 42 points or 0.45% higher this morning. In late trade in the United States, the Dow Jones is up 0.1%, the S&P 500 is up 0.55%, and the Nasdaq is 1% higher.
Oil prices rise
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session on Thursday after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$62.40 a barrel and the Brent crude oil price is up 1.1% to US$66.15 a barrel. Oil prices were given a boost from optimism over US oil demand and concerns over Russian output.
REA Group AGM
Rea Group Ltd (ASX: REA) shares will be on watch today when the property listings giant holds its annual general meeting for 2025. It is possible that the realestate.com.au operator will release a first quarter update to the market ahead of the main event.
Gold price rises again
It could be a good 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 yet a new record high. According to CNBC, the gold futures price is up 1.6% to US$4,068.3 an ounce. Safe haven demand was behind the precious metal's rise.
Buy CAR Group shares
CAR Group Limited (ASX: CAR) shares are good value according to the team at Bell Potter. This morning, the broker has initiated coverage on the auto listings company's shares with a buy rating and $42.20 price target. This implies potential upside of 15% from current levels. It said: "CAR has built a global network of auto and non-auto classifieds platforms with the ability to generate cash flows supporting growth investment and shareholder returns simultaneously. CAR screens favourably on a risk-adjusted return basis when considering the stability of earnings growth against comparable ASX-listed classifieds platforms REA (Buy, TP:$284/sh) and SEK (Buy, TP:$31.45/sh); trading at a -24% discount presents a balanced opportunity to accumulate, in our view."
