On Thursday the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled lower. The benchmark index fell 0.5% to 7,061.7 points.
Will the market be able to bounce back from 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 better note. According to the latest SPI futures, the ASX 200 is expected to open the day 23 points or 0.3% higher this morning. This follows a solid night on Wall Street, which saw the Dow Jones jump 0.9%, the S&P 500 climb 0.8%, and the Nasdaq rise 0.4%.
Oil prices fall
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could finish the week on a low note after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1.2% to US$64.86 a barrel and the Brent crude oil price is down 1.05% to US$68.24 a barrel. Concerns about rising COVID-19 cases in India is weighing on prices.
Macquarie full year results
The Macquarie Group Ltd (ASX: MQG) share price will be one to watch today when it hands in its full year results. In February, the investment bank revealed that it expects to deliver a profit result that is approximately 5% to 10% higher than FY 2020. All eyes will be on its guidance for FY 2021, with experts suggesting that it will have no choice but to guide to a decline in earnings in FY 2022.
Gold price jumps
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could finish the week strongly after the gold price jumped higher. According to CNBC, the spot gold price is up 1.7% to US$1,814.90 an ounce. Weakness in the US dollar and bond yields gave the precious metal a lift.
NAB rated as a buy
The National Australia Bank Ltd (ASX: NAB) share price is good value according to one leading broker. According to a note out of Goldman Sachs, its analysts have responded to NAB’s half year results by putting a conviction buy rating and $29.97 price target on its shares. This implies potential upside of ~13% over the next 12 months excluding dividends.