On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.3% to 7,639.2 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 edge lower
The Australian share market looks set to end the week in a subdued fashion following a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 8 points or 0.1% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.1%, the S&P 500 is down 0.1%, and the NASDAQ is up 0.1%.
Oil prices surge
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a great finish to the week after oil prices surged overnight. According to Bloomberg, the WTI crude oil price is up 3% to US$76.12 a barrel and the Brent crude oil price is up 3% to US$81.55 a barrel. Traders were buying oil after Israel rejected Hamas' cease-fire proposal.
Megaport results
The Megaport Ltd (ASX: MP1) share price will be on watch today when the elasticity connectivity and network services interconnection provider releases its half year results. The company has already pre-released its results, reporting a 35% increase in revenue to $95 million and EBITDA of $30 million. All eyes will be on its guidance, which was unchanged despite the stronger than expected half. [Edit: date now 20 February]
Gold price edges lower
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a soft session after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.2% to US$2,048.3 an ounce. A stronger US dollar weighed on the precious metal.
REA remains a buy
REA Group Ltd (ASX: REA) shares are a buy according to analysts at Goldman Sachs. In response to the release of its half year results, the broker has retained its buy rating with a trimmed price target of $201.00. It said: "Revenue outlook very positive; pay-back on increased investment the key unknown."
