On Thursday the S&P/ASX 200 Index (ASX: XJO) was out of form again and sank lower. The benchmark index fell 0.6% to 7,381.9 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 positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 34 points or 0.45%. This follows a largely positive night of trade on Wall Street, which late on sees the Dow Jones down 0.4%, but the S&P 500 up 0.2% and the Nasdaq up 0.7%.
Xero rated as a buy
The Xero Limited (ASX: XRO) share price pullback on Thursday is a buying opportunity according to analysts at Goldman Sachs. According to a note this morning, the broker has reiterated its buy rating but trimmed its price target on the cloud accounting company’s shares to $158.00. While Xero delivered a weaker than expected half year result, the broker remains positive on the future.
Oil prices edge higher
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could end the week on a positive note after oil prices edged higher. According to Bloomberg, the WTI crude oil price is up 0.15% to US$81.48 a barrel and the Brent crude oil price is up 0.2% to US$82.79 a barrel. This was despite OPEC cutting its oil demand forecast due to high prices.
Ramsay given buy rating
The Ramsay Health Care Limited (ASX: RHC) share price came under pressure yesterday following the release of its first quarter update. However, in response to the update, Goldman Sachs has retained its buy rating and $74.00 price target on the private hospital operator’s shares. The broker continues to highlight the company as one of the more attractive recovery trades across its coverage.
Gold price higher
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a good finish to the week after the gold price pushed higher. According to CNBC, the spot gold price is up 0.9% to US$1,864.6 an ounce. The gold price is closing in on a five-month high as inflation concerns boost appeal.