On Thursday, the S&P/ASX 200 Index (ASX: XJO) was in fine form again and charged notably higher. The benchmark index rose 1.55% to 7,246.9 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 continue its winning streak on Friday after a decent night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 36 points or 0.5% higher this morning. In the United States, the Dow Jones was up 0.15%, the S&P 500 rose 0.85%, and the NASDAQ charged 1.6% higher.
Rio Tinto named as a buy
Rio Tinto Ltd (ASX: RIO) shares could be a great option for investors looking for mining sector exposure. That's the view of analysts at Goldman Sachs, which have reiterated their conviction buy rating with an improved price target of $129.40. Goldman was very impressed with its Oyu Tolgoi site visit.
Oil prices rise
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good finish to the week after oil prices continued to rise. According to Bloomberg, the WTI crude oil price is up 2% to US$77.24 a barrel and the Brent crude oil price is up 1.9% to US$81.64 a barrel. Oil prices neared three-month highs after US inflation eased.
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) will be on watch after the gold price rose overnight. According to CNBC, the spot gold price is up 0.15% to US$1,964.7 an ounce. The precious metal rose to a one-month high after bond yields eased.
BHP and Rio Tinto set to rise again
BHP Group Ltd (ASX: BHP) and Rio Tinto shares look set to rise on Friday after another strong night of trade for their US-listed shares. Investors were hitting the buy button amid hopes that less interest rate hikes will be supportive of economic growth and commodity demand. Both miners rose almost 3% overnight.
