On Thursday the S&P/ASX 200 Index (ASX: XJO) was back on form and surged higher. The benchmark index rose 0.8% to 6,834 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 to give back its gains
The Australian share market looks set to end the week on a disappointing note after a selloff on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open 70 points or 1% lower this morning. In late trade in the United States, the Dow Jones has fallen 1.5%, the S&P 500 is down 2.1%, and the Nasdaq index has sunk 3%. The latter could be bad news for Aussie tech shares today.
Afterpay to return?
The Afterpay Ltd (ASX: APT) share price could return from its trading halt this morning. The payments company requested the halt so it could undertake a $1.25 billion notes offering to fund the buyback of equity in its Afterpay US business and support its growth. However, according to the AFR, the company successfully raised $1.5 billion from investors on Thursday night. Though, given the tech selloff on Wall Street, it might be worth the company staying in its halt until after the weekend.
Oil prices soften
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices softened. According to Bloomberg, the WTI crude oil price is down 0.15% to US$63.12 a barrel and the Brent crude oil price has fallen 0.5% to US$66.69 a barrel. This appears to be due to profit taking by traders after oil prices hit a 13-month high.
Kogan half year results
The Kogan.com Ltd (ASX: KGN) share price will be one to watch on Friday when it releases its half year results. While many aspects of the result have been pre-released, important metrics such as its net profit are still unknown by the market. Last month Kogan advised that first half gross sales grew by more than 96% and adjusted EBITDA increased more than 175%.
Gold price falls again
Gold miners including Evolution Mining Ltd (ASX: EVN) and St Barbara Ltd (ASX: SBM) could come under pressure today after the gold price tumbled lower again. According to CNBC, the spot gold price has fallen 1.3% to US$1,774.20 an ounce. Rising US treasury yields continue to weigh on demand for the precious metal.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.