On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark index rose 0.4% to 7,763.7 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 rise
The Australian share market looks set to end the week in a positive fashion following a decent night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 49 points or 0.6% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.3%, the S&P 500 is up 1%, and the NASDAQ is up 1.65%.
Oil prices soften
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a subdued finish to the week after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down 0.4% to US$78.84 a barrel and the Brent crude oil price is down 0.1% to US$82.86 a barrel. Oil prices ran out of steam after a decent run this week.
ASX 200 shares going ex-dividend
Another group of ASX 200 shares will be going ex-dividend on Friday and could trade lower. This includes financial services company Insignia Financial Ltd (ASX: IFL), media giant Nine Entertainment Co Holdings Ltd (ASX: NEC), and logistics solutions company WiseTech Global Ltd (ASX: WTC).
Gold price rises again
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good session after the gold price pushed higher again overnight. According to CNBC, the spot gold price is up 0.4% to US$2,167.1 an ounce. Gold hit a new high on rate cut hopes.
Nufarm downgraded
Nufarm Ltd (ASX: NUF) shares are about fair value according to analysts at Bell Potter. This morning, the broker has downgraded the agricultural chemicals company's shares to a hold rating with a $6.35 price target. It said: "We continue to see FY25e as likely to be the year when the Beyond Yield platform takes over as the growth engine for NUF. However, considering the recent share price move we moderate our rating from Buy to Hold."
