On Thursday the S&P/ASX 200 Index (ASX: XJO) was on form and charged notably higher. The benchmark index rose 1% to 7,370.2 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 end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 0.1% higher this morning. This follows a very strong night on Wall Street, which saw the Dow Jones jump 1.5%, the S&P 500 rise 1.2%, and the Nasdaq storm 1% higher.
Premier Investments rated as a sell
The Premier Investments Limited (ASX: PMV) share price could be overvalued according to analysts at Goldman Sachs. The retail conglomerate's results fell short of Goldman's estimates for sales, earnings, and dividends. In addition to this, the broker has concerns over its valuation. In light of this, the broker has put a sell rating and $23.40 price target on its shares.
Oil prices jump
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch after a strong night for oil prices. According to Bloomberg, the WTI crude oil price is up 1.4% to US$73.21 a barrel and the Brent crude oil price is up 1.35% to US$77.21 a barrel. Traders were buying oil after growing fuel demand and a draw in U.S. crude inventories led to tight supplies.
Dividends being paid
A number of popular shares will be paying their latest dividends today. Among the shares paying dividends are Blackmores Limited (ASX: BKL), IRESS Ltd (ASX: IRE), QBE Insurance Group Ltd (ASX: QBE), Perpetual Limited (ASX: PPT), and Woodside Petroleum Limited (ASX: WPL).
Gold price sinks
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a difficult day after the gold price dropped. According to CNBC, the spot gold price is down 1.8% to US$1,746.50 an ounce. Concerns that the US Fed could increase rates sooner than expected is weighing on gold.
