On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.2% to 7,175.3 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to end the week in a positive fashion following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 30 points or 0.4% higher this morning. In the United States, the Dow Jones was up 1.25%, the S&P 500 rose 1.2%, and the NASDAQ jumped 1.15%.
ASX 200 miners likely to climb
It looks set to be a good session for miners such as BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) after their NYSE listed shares pushed higher overnight. A decent rise in the benchmark iron ore price appears to have been the catalyst for this. Iron ore rose 1% to above US$113 a tonne.
Oil prices jump
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a great finish to the week after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 3.3% to US$70.53 a barrel and the Brent crude oil price is up 3.3% to US$75.58 a barrel. Strong refinery data out of China boosted prices.
Gold price rises
ASX 200 gold shares Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.1% to US$1,970.6 an ounce. This follows the softening of the US dollar.
Xero named as a buy
Xero Limited (ASX: XRO) shares could be in the buy zone according to Goldman Sachs. This morning, the broker has retained its buy rating and $130.00 price target on the cloud accounting platform provider's shares. This follows news of major price increases. Goldman was "surprised by the quantum of the price rises in ANZ" and sees "upside risk to FY24E forecasts."
