On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form again and dropped into the red. The benchmark fell 0.4% to 7,285.4 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to edge higher on Friday following a volatile but positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 1 point higher this morning. In late trade in the United States, the Dow Jones is up 0.2%, the S&P 500 is up 0.5%, and the NASDAQ index is up 0.7%. The US market was up strongly, then down heavily, and now looks set to finish higher.
Oil prices rebound
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good finish to the week after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 1.9% to US$75.35 a barrel and the Brent crude oil price is up 1.9% to US$82.16 a barrel. Tightening supplies boosted prices.
Pilbara Minerals results
The Pilbara Minerals Ltd (ASX: PLS) share price will be one to watch on Friday. After the market close yesterday, the lithium giant released its half-year results. It posted a 647% increase in revenue to $2.18 billion and a 989% increase in profit after tax to $1.24 billion. This allowed the company to declare its inaugural 11 cents per share fully franked interim dividend. Management also upgraded its FY 2023 production guidance.
Gold price slumps
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a subdued finish to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.6% to US$1,830.6 an ounce. Gold hit a two-month low on rate hike concerns.
Qantas is a buy
The Qantas Airways Limited (ASX: QAN) share price is great value according to analysts at Goldman Sachs. In response to its first-half results, the broker has retained its conviction buy rating with an $8.30 price target. It commented: "We believe the current share price does not reflect the group's improved earnings capacity."
