On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a poor day and tumbled lower. The benchmark index fell 0.5% to 7,490.1 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
The Australian share market looks set to edge lower on Thursday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 12 points or 0.15% lower this morning. On Wall Street, the Dow Jones fell 0.4%, the S&P 500 dropped 1%, and the Nasdaq sank 2.2%. The latter doesn't bode well for the Australian tech sector today.
Mineral Resources rated as a buy
The Mineral Resources Limited (ASX: MIN) share price could be great value according to the team at Bell Potter. This morning the broker retained its buy rating and lifted its price target by 21% to $74.35. The broker made the move to reflect a material increase in Mineral Resources' lithium production plans due to unprecedented demand.
Oil prices sink
It could be a difficult day for energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 4.8% to US$97.11 a barrel and the Brent crude oil price is down 4.4% to US$101.90 a barrel. An increase in US stockpiles and news that large consuming nations plan to release oil from reserves weighed on prices.
Bank of Queensland shares named as a buy
Bank of Queensland Limited (ASX: BOQ) shares could be in the buy zone according to analysts at Goldman Sachs. Ahead of the release of the regional bank's half year results next week, the broker has reiterated its buy rating with an improved price target of $9.84. While Goldman expects a 17% decline in cash earnings to $222 million for the half, it remains very positive on the future. The broker expects strong earnings growth in FY 2023 and FY 2024.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price edged higher. According to CNBC, the spot gold price is up 0.1% to US$1,929.3 an ounce. Inflation and Ukraine worries boosted the precious metal.
