On Thursday, the S&P/ASX 200 Index (ASX: XJO) fought very hard to record a small gain. The benchmark index rose 0.1% to 7,407.3 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to edge lower
The Australian share market looks set to end the week in a subdued fashion. According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 0.1% lower. This follows a reasonably good night of trade on Wall Street, which late on sees the Dow Jones down slightly, but the S&P 500 up 0.2% and the Nasdaq up 0.45%.
NAB rated as a buy
The National Australia Bank Ltd (ASX: NAB) share price could be good value according to analysts at Bell Potter. According to the note, the broker has retained its buy rating and $32.00 price target on the bank’s shares. This follows news that the ACCC has given the green light to NAB’s acquisition of Citi’s Australian consumer business.
Oil prices soften
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could end the week in the red after oil prices softened. According to Bloomberg, the WTI crude oil price is down 0.45% to US$78.03 a barrel and the Brent crude oil price is flat at US$82.25 a barrel. Oil prices slipped as traders wait to see how OPEC will respond to US led oil reserve releases.
Annual general meetings
Annual general meeting season continues on Friday with a host of companies holding their events. These include copper producer Sandfire Resources Ltd (ASX: SFR), telco Uniti Group Ltd (ASX: UWL), and gold miner Westgold Resources Ltd (ASX: WGX). These companies could provide investors with a trading update at their respective events.
Gold price rises
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a decent finish to the week after the gold price pushed higher. According to CNBC, the spot gold price is up 0.25% to US$1,788.3 an ounce. The gold price rose after the US dollar weakened.