On Thursday the S&P/ASX 200 index continued its positive run and pushed a further 0.7% higher to 6,327.8 points.
Will the market be able to build on this and finish the week on a high? Here are five things to watch on Friday:
ASX futures pointing higher.
The Australian share market looks set to finish the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 0.7% or 44 points higher this morning. This follows a strong night on Wall Street which saw the Dow Jones rise 0.8%, the S&P 500 climb 0.9%, and the Nasdaq index rise 1%.
Oil prices higher.
Australian energy producers including Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be set to finish the week on a high after oil prices surged higher overnight. According to Bloomberg, the WTI crude oil price rose 1.7% to US$63.05 a barrel and the Brent crude oil price rose 1.3% to US$72.73 a barrel. Oil prices pushed higher due to tension in the Middle East.
Gold price sinks.
Northern Star Resources Ltd (ASX: NST), Resolute Mining Limited (ASX: RSG), and the rest of the gold miners could come under pressure today after the gold price sank lower. According to CNBC, the spot gold price dropped 0.85% to US$1,286.70 an ounce after trade fears eased.
Xero shares on watch.
The Xero Limited (ASX: XRO) share price was a huge mover on Thursday, finishing the day almost 11% higher after the business and accounting software company delivered an impressive full year result. No doubt this morning brokers will release their verdict on the result and reveal the changes they have made to price targets and recommendations.
Iron ore futures hit record high.
Iron ore producers Fortescue Metals Group Limited (ASX: FMG) and Rio Tinto Limited (ASX: RIO) could be on the rise again after Chinese iron ore futures hit a record high on Thursday. According to Reuters, prices stormed higher due to robust demand for the steelmaking feedstock amid tightening supply.
