5 things to watch on the ASX 200 on Thursday

MotleyFool
02-27

On Wednesday, the S&P/ASX 200 Index (ASX: XJO) fought hard but just fell short of positive territory. The benchmark index fell 0.15% to 8,240.7 points.

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

ASX 200 expected to fall again

The Australian share market looks set to continue its losing streak on Thursday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 24 point or 0.3% lower this morning. In late trade in the United States, the Dow Jones is down 0.5%, the S&P 500 is down 0.2%, and the Nasdaq is 0.1% lower.

Coles half year results

All eyes will be on Coles Group Ltd (ASX: COL) shares on Thursday when the supermarket giant releases its half year results. According to a note out of Goldman Sachs, its analysts are expecting Coles to report 3.4% increase in sales and an 0.8% lift in EBIT over the prior corresponding period. Goldman expects the company's EBIT growth to be driven by a 3.2% increase in Food earnings (post one-off benefit of $18 million), partially offset by a 9.1% decline in Liquor earnings.

Oil prices fall

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued session after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.6% to US$68.50 a barrel and the Brent crude oil price is down 0.7% to US$72.49 a barrel. Oil prices hit a two-month low on rising US inventories and Russia-Ukraine peace talks.

Gold price rises

It could be a decent session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price edged higher overnight. According to CNBC, the gold futures price is up 0.3% to US$2,927.6 an ounce. This may have been driven by increased demand for safe haven assets.

WiseTech rated as a buy

WiseTech Global Ltd (ASX: WTC) shares are good value according to analysts at Goldman Sachs. This morning, the broker has responded to the logistics solutions company's half year results by retaining its buy rating on its shares with a price target of $128.00. It said: "Key positives: (1) The in-line 1H25 result, and consistent 1H/2H CW growth reduces the risk of any further revenue downgrades this year; (2) LOGISTEED, a top 25 LGFF, has signed up, continuing Cargowise's strong momentum with large global forwarders."

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