On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark rose 0.1% to 7,511.6 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 rise again on Friday following a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 7 points or 0.1% higher this morning. In late trade in the United States, the Dow Jones is down 0.65%, but the S&P 500 is up 0.9% and the NASDAQ index is up 2.5%. An exceptionally strong gain by Meta has given the latter a boost.
Oil prices fall
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued finish to the week after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down 0.5% to US$75.97 a barrel and the Brent crude oil price is down 0.8% to US$82.20 a barrel. Global economic growth concerns appear to be weighing on prices.
Lynas shares have peaked
The Lynas Rare Earths Ltd (ASX: LYC) share price may have peaked now according to analysts at Bell Potter. This morning the broker has initiated coverage on the rare earths producer with a hold rating and $9.05 price target. It said: "LYC is a high-quality business, and a key supplier of separated rare earths to Western economies. However, we believe the business to be fully valued currently."
Gold price slumps
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 slumped overnight. According to CNBC, the spot gold price is down 0.75% to US$1,928.4 an ounce. Gold hit a nine-month high before pulling back.
CSL on watch
The CSL Limited (ASX: CSL) share price will be on watch today after a rival received FDA approval for a competing drug. Goldman Sachs commented: "This morning the FDA approved GSK's Jesduvroq (daprodustat) as the first oral treatment for anaemia caused by Chronic Kidney Disease (CKD) in adults receiving dialysis." As CSL's Mircera and Retacrit are administered through intravenous/subcutaneous injection, Goldman believes the "oral alternative could offer potential convenience and/or economic advantages."
