On Thursday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.45% to 7,186.5 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 jump
The Australian share market looks set to end the week in a very positive fashion following a solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 84 points or 1.2% higher this morning. In the United States, the Dow Jones was up 0.95%, the S&P 500 rose 0.85% and the NASDAQ climbed 0.8%.
Oil prices race higher
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a strong session after oil prices raced higher overnight. According to Bloomberg, the WTI crude oil price is up 2.3% to US$90.56 a barrel and the Brent crude oil price is up 2.35% to US$94.03 a barrel. US crude oil is trading at its highest level since November last year.
Woolworth rated as a buy
Woolworths Group Ltd (ASX: WOW) shares could be heading higher according to analysts at Goldman Sachs. The broker has been reviewing the retail sector and remains bullish on the supermarket giant. It has a conviction buy rating and a $42 price target on the company's shares. It said: "We believe FY24/25 will be a period for WOW to take market share."
Gold price edges lower
ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) could have a subdued finish to the week after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.1% to US$1,931.7 an ounce. A strong US dollar and rising bond yields weighed on gold.
Super Retail is a buy
Goldman Sachs also believes the Super Retail Group Ltd (ASX: SUL) shares are great value at the current level. This morning, its analysts have reiterated their buy rating and $14.40 price target on its shares. Goldman believes that "precision execution leveraging consumer data to become more important, and SUL had this advantage given >70pct of its sales comes from members."
