On Thursday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.2% to 7,135.7 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:
ASX 200 expected to fall
The Australian share market looks set to end the week in the red. According to the latest SPI futures, the ASX 200 is expected to open 5 points or 0.1% lower this morning. In late trade in the United States, the Dow Jones is down 0.15%, the S&P 500 has fallen 0.55%, and the Nasdaq has dropped 0.55%.
Oil prices tumble
Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a difficult finish to the week after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.8% to US$82.30 a barrel and the Brent crude oil price is down 2.4% to US$90.65 a barrel. Oil prices fell on concerns over Chinese demand.
Webjet remains a buy
The Webjet Ltd (ASX: WEB) share price remains great value according to analysts at Goldman Sachs. The broker was impressed with the online travel agent's first half results, which came in well ahead of expectations. Goldman commented: "WEB's 1H23 results reported a strong beat across both the Webbeds and Webjet OTA business, cementing our view that the business is structurally improved vs. pre-pandemic times." Its analysts have retained their buy rating with an improved price target of $6.90.
Gold price falls
Gold miners including Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a subdued end to the week after the gold price fell overnight. According to CNBC, the spot gold price is down 0.65% to US$1,764 an ounce. Traders were selling gold after the US dollar and treasury yields strengthened.
Annual general meetings
There are a good number of annual general meetings being held on Friday. This includes infant formula company A2 Milk Company Ltd (ASX: A2M), integrated real estate company Lendlease Group (ASX: LLC), infection prevention company Nanosonics Ltd (ASX: NAN), and data centre operator NEXTDC Ltd (ASX: NXT). These companies could provide trading updates at their respective events.
