On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a day to forget and crashed deep into the red. The benchmark index lost 2% of its value and dropped to 6,845.6 points.
Will the market be able to bounce back from this on Friday and end the week on a high? 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. This follows a volatile but decent night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 22 points or 0.3% higher this morning. In the United States, the Dow Jones rose 0.45% and the S&P 500 rose 0.3%, but the Nasdaq edged 0.25% lower. At one stage the all three indices were deep in the red.
Oil prices continue to drop
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices fell again overnight. According to Bloomberg, the WTI crude oil price is down 3.7% to US$86.26 a barrel and the Brent crude oil price is down 3.9% to US$91.94 a barrel. Recession fears and lockdowns in China are weighing on prices.
Shares going ex-dividend
A number of ASX 200 shares are going ex-dividend on Friday and could trade lower. This includes fuel retailer Ampol Ltd (ASX: ALD), supermarket operator Coles Group Ltd (ASX: COL), automotive retailer Eagers Automotive Ltd (ASX: APE), and mining and mining services company Mineral Resources Limited (ASX: MIN).
Gold price sinks
Gold miners including Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a difficult finish to the week after the gold price sank overnight. According to CNBC, the spot gold price is down 1.2% to US$1,706.70 an ounce. A stronger US dollar and rate hike fears appear to be weighing on the precious metal.
Rio Tinto rated as a buy
The Rio Tinto Limited (ASX: RIO) share price could be great value according to analysts at Goldman Sachs. This morning the broker responded to news that the mining giant has agreed to acquire Turquoise Hill by retaining its buy rating and $121.50 price target. The broker said: "Agreement in principle for TRQ below our valuation, implies ~0.7xNAV."
