On Thursday the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose almost 0.2% to 6,790.6 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 end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 22 points or 0.3% higher this morning. This follows a positive night on Wall Street, which in late trade sees the Dow Jones up 0.4%, the S&P 500 up 0.4%, and the Nasdaq trading 0.1% higher.
AMP CEO remains
The AMP Ltd (ASX: AMP) share price will be on watch today after providing an update on its CEO. On Thursday there was speculation that Francesco De Ferrari had handed in his resignation, but this wasn’t the case. AMP commented that it “notes the media reports today and confirms that Francesco De Ferrari remains as Chief Executive Officer of the group.”
Oil prices sink
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) are likely to end the week deep in the red after oil prices sank lower overnight. According to Bloomberg, the WTI crude oil price is down 4.4% to US$58.49 a barrel and the Brent crude oil price has fallen 4% to US$61.82 a barrel. This is despite concerns that the Suez Canal blockage could take weeks to fix.
Gold price falls
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after a poor night of trade for the gold price. According to CNBC, the spot gold price is down 0.2% to US$1,729.20 an ounce. A strengthening US dollar weighed on the precious metal and offset lower bond yields.
Resolute rated as a buy
The Resolute Mining Limited (ASX: RSG) share price crashed lower on Thursday after announcing that the Ghanaian government has terminated the mining license of its Bibiani operation. Goldman Sachs believes this is a buying opportunity for investors and has retained its buy rating and $1.30 price target. It commented: “In our view, the current share price [47 cents] implies no value is being ascribed to any asset apart from Syama Sulphides, which we conservatively model at Reserves only. We retain our Buy rating.”