On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and ended the day in the red. The benchmark index fell 0.2% to 8,785.1 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 fall again
It looks set to be a difficult session for Australian investors on Thursday after a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 47 points or 0.55% lower this morning. In late trade in the United States, the Dow Jones is down 1.1%, the S&P 500 is 0.35% lower, and the Nasdaq is down slightly.
Buy Minerals 260 shares
Minerals 260 Ltd (ASX: MI6) shares could have major upside according to analysts at Bell Potter. This morning, the broker has retained its speculative buy rating on the ASX gold stock with an improved price target of $1.40. This implies potential upside of approximately 120%. It said: "MI6 offers gold exposure via the 6.2Moz Bullabulling MRE, valuation uplift through discovery success, project advancement and de-risking as the BGP progresses towards production. MI6 holds ~$250m cash, sufficient to fund to Final Investment Decision (FID) in early CY27, long-lead items and early site works. We lift our valuation to $1.40/sh and retain our Speculative Buy recommendation."
Oil prices jump
ASX 200 energy shares such as Woodside Energy Group Ltd (ASX: WDS) and Santos Ltd (ASX: STO) could have a great day after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 4.4% to US$73.57 a barrel and the Brent crude oil price is up 5.2% to US$78.04 a barrel. Traders were bidding oil higher following an escalation in US-Iran tensions.
Uranium miners on watch
Boss Energy Ltd (ASX: BOE) and other ASX uranium shares will be on watch today. There are reports that the Australian government could sign an agreement with India this week that delivers on a nuclear co-operation plan between the two countries that was signed over a decade ago. Boss Energy shares certainly need a boost. They are down 22% year to date.
Gold price tumbles
It could be a poor session for ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price tumbled overnight. According to CNBC, the gold futures price is down 1.5% to US$4,096.85 an ounce. Rising oil prices have sparked inflation and rate hike concerns.
