On Thursday the S&P/ASX 200 Index (ASX: XJO) had a mildly positive day and edged higher. The benchmark index rose 0.1% to 7,379.2 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 6 points or 0.1% higher. This follows a mixed night of trade on Wall Street, which late on sees the Dow Jones down 0.15%, but the S&P 500 up 0.3% and the Nasdaq up 0.2%.
Sonic rated neutral
The Sonic Healthcare Limited (ASX: SHL) share price stormed higher on Thursday after the release of a trading update. However, the team at Goldman Sachs believes this healthcare company’s shares are close to peaking. Goldman has put a neutral rating and $40.70 price target on Sonic’s shares. The broker expects “Covid-19 testing volumes to taper from peak through the coming quarters.”
Oil prices push 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 pushed higher. According to Bloomberg, the WTI crude oil price is up 1% to US$79.17 a barrel and the Brent crude oil price is up 1.3% to US$81.31 a barrel. This was despite news that China is readying a crude reserve release.
Gold price falls
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a difficult finish to the week after the gold price dropped. According to CNBC, the spot gold price is down 0.45% to US$1,861.7 an ounce. The gold price slipped after US jobs data strengthened rate hike bets.
Annual general meetings
A number of ASX 200 shares are holding their annual general meetings today and could provide updates at their events. This includes infection prevention company Nanosonics Ltd (ASX: NAN), data centre operator NEXTDC Ltd (ASX: NXT), and logistics solution platform provider WiseTech Global Ltd (ASX: WTC).