On Thursday the S&P/ASX 200 Index (ASX: XJO) was back on form and charged higher. The benchmark index climbed 0.4% higher to 6,590.2 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to rise.
The Australian share market looks set to rise on Friday after a positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.17% higher. In late trade in the United States, the Dow Jones is up 0.4%, the S&P 500 is flat, and the Nasdaq has risen 0.3%.
Oil prices push higher.
Energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices rose again. According to Bloomberg, the WTI crude oil price is up 0.8% to US$45.63 a barrel and the Brent crude oil price has climbed 1% to US$48.72 a barrel. This follows news that OPEC has agreed to increase its production gradually.
Premier Investments AGM.
Smiggle, Peter Alexander, and Just Jeans owner, Premier Investments Limited (ASX: PMV), is holding its annual general meeting today. It was a strong performer in FY 2020 thanks to its online sales growth. Premier Investments reported a 29% increase in net profit after tax to $137.8 million. Investors will no doubt be keen to see whether this momentum has carried over into the new financial year.
Gold price rises again.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) could end the week on a high after the gold price pushed higher again. According to CNBC, the spot gold price is up a further 0.7% to US$1,843.50 an ounce. The prospect of the US finally approving a COVID-19 stimulus package has given the gold price a lift.
Afterpay rated neutral.
The Afterpay Ltd (ASX: APT) share price could still climb a touch higher from here according to analysts at Goldman Sachs. This morning the broker responded to its trading update by retaining its neutral rating and lifting its price target to $99.90. This compares to the current Afterpay share price of $96.20. Goldman revealed that Afterpay thoroughly outperformed its expectations in November.
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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 and has recommended Premier Investments Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.