5 things to watch on the ASX 200 on Thursday 23 April 2026

5 things to watch on the ASX 200 on Thursday

Here's what to expect on the local market today.

James Mickleboro

Author Bio James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas. Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends. His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed. Areas of Expertise ASX shares Growth and dividend investing Broker research Interpreting company announcements Market news Portfolio strategy Long-term wealth creation Education Bachelor of Politics, Philosophy and Economics. CFA Institute Social Media LinkedIn Favorite Investment Quote "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett

Published April 23, 6:45 am AEST

On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and sank into the red. The benchmark index fell 1.2% to 8,843.6 points.

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

Business woman watching stocks and trends while thinking — Image Source: Getty Images

ASX 200 set to fall

The Australian share market looks set for a subdued session on Thursday despite a good night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.35% lower this morning. In the United States, the Dow Jones was up 0.7%, the S&P 500 rose 1.05% and the Nasdaq charged 1.65% higher.

Fortescue update

Fortescue Ltd (ASX: FMG) shares will be on watch on Thursday when the iron ore giant releases its third-quarter update. The market is expecting the miner to report iron ore shipments of approximately 49Mt for the three months. In addition, all eyes will be on its costs after the surge in diesel prices following the war in the Middle East.

Oil prices rise

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session on Thursday after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 3.1% to US$92.45 a barrel and the Brent crude oil price is up 2.9% to US$101.31 a barrel. This was driven by news that Iran has seized container ships in the Strait of Hormuz.

DroneShield shares rated as a buy

DroneShield Ltd (ASX: DRO) shares are in the buy zone according to analysts at Bell Potter. In response to the counter-drone technology company's quarterly update, the broker has retained its buy rating and $4.80 price target on DroneShield's shares. It said: "At 43x CY26e EV / EBITDA, DRO trades at a discount to the global drone peer group. Further, we see upside risk to our revenue forecasts in CY26/27e, given the opportunities observed in the C-UAS industry."

Gold price rises

ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Thursday after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 0.75% to US$4,754.8 an ounce. Traders were buying gold after a drop in Treasury yields.

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