On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a good session and charged higher. The benchmark index rose 0.5% to 6,794.3 points.
Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:
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ASX 200 expected to rise again
The Australian share market looks set to end the week with another gain following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 11 points or 0.15% higher this morning. In the United States, the Dow Jones rose 0.5%, the S&P 500 climbed 1%, and the Nasdaq jumped 1.35%.
Oil prices tumble
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough finish to the week after oil prices tumbled. According to Bloomberg, the WTI crude oil price is down 3.4% to US$96.44 a barrel and the Brent crude oil price is down 2.7% to US$104.00 a barrel. Rising gasoline stockpiles, rate hikes, and resuming supply weighed on prices.
Life360 rated as a buy
The Life360 Inc (ASX: 360) share price may be up 66% in a month but one leading broker believes it can keep climbing. According to a note out of Bell Potter, its analysts have reiterated their buy rating and $7.50 price target. Bell Potter believes the location technology company will report another strong quarter. It said: [We] forecast global paying circles and AMR (excl. Jiobit and Tile) increase 40% and 46% y-o-y in Q2 which is not dissimilar to the growth rates achieved in each of the last three quarters."
Gold price rises
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 overnight. According to CNBC, the spot gold price is up 1.1% to US$1,718.70 an ounce. A softening US dollar boosted the precious metal.
Alumina rated as a sell
The Alumina Limited (ASX: AWC) share price is overvalued according to analysts at Goldman Sachs. This morning the broker reiterated its sell rating and cut its price target by 10% to $1.35. It said: "At spot alumina of US$330/t, AWC is set for a near US$0/t margin, which would be a record low since starting refining operations before 1990."
