On Thursday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) continued its slide and dropped 0.1% to 6,016.6 points.
Will the market be able to bounce back and have a strong finish to the week on Friday? Here are five things to watch:
ASX futures are pointing higher.
According to the latest SPI futures, the Australian share market is expected to open the day 34 points or 0.55% higher on Friday. This follows a reasonably positive night of trade on Wall Street. Although the Dow Jones Industrial Average fell 0.1%, the S&P 500 rose 0.25% and the NASDAQ raced 0.85% higher.
Australian dollar tumbles.
In response to rising rates in the United States the Australian dollar tumbled notably lower against the greenback on Thursday. At present the AUD/USD cross stands at 74.7 U.S. cents, approximately 1.7% lower than where it was prior to the FOMC meeting. This could be good news for companies that generate revenue in the United States such as Appen Ltd (ASX: APX) and Treasury Wine Estates Ltd (ASX: TWE).
Oil prices mixed again.
According to Bloomberg, oil prices were mixed on Thursday. The WTI crude oil price rose 0.5% to US$67.00 a barrel, whereas Brent crude oil fell 1% to US$75.95 a barrel. A hefty weekly decline in U.S. crude supplies led to WTI’s rise, while concerns that OPEC will announce production increases at its meeting next week has weighed on Brent crude oil.
Sirtex takeover gets closer.
After the market closed on Thursday regenerative medicine company Sirtex Medical Limited (ASX: SRX) announced that it has received an offer capable of acceptance from CDH Genetech Limited. According to the release, the proposal has been amended to include both CDH and its strategic partner, China Grand Pharmaceutical and Healthcare. The bidders have offered A$33.60 per share and fellow suitor Varian has confirmed that it will not submit a matching or superior proposal.
The shares of Gentrack Group Ltd (ASX: GTK) could drop lower on Friday due to its shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving their 4.8 cents per share interim dividend on June 25. Elsewhere, shareholders of Elders Ltd (ASX: ELD) and Technology One Limited (ASX: TNE) are due to receive their respective dividends today.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Elders Limited, GENTRACK FPO NZ, and Treasury Wine Estates Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.