On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form and edged higher. The benchmark index rose 0.2% to 7,587 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 poised to rise
The Australian share market looks set to end the week on a positive note thanks to a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 21 points or 0.3% higher this morning. On Wall Street, the Dow Jones was up 0.85%, the S&P 500 rose 0.9%, and the NASDAQ was 1.55% higher.
Oil prices rise
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a better session after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price is up slightly to US$79.03 a barrel and the Brent crude oil price is up 0.3% to US$83.69 a barrel. Oil prices recovered after sinking to a seven-week low yesterday.
Macquarie results
The Macquarie Group Ltd (ASX: MQG) share price will be one to watch on Friday when the investment bank releases its FY 2024 results. According to a note out of Goldman Sachs, its analysts are expecting Macquarie to report cash earnings of $3,481 million. This will be down a sizeable 32% on last year's numbers. This is expected to lead to Macquarie paying a final dividend of $3.70 per share,
Gold price rises
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a reasonably positive session after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.1% to US$2,312.9 an ounce. Traders appear to have been buying the dip in the price of the precious metal.
Buy Woolworths shares
Goldman Sachs thinks investors should be buying Woolworths Group Ltd (ASX: WOW) shares following yesterday's tumble. In response to the supermarket giant's quarterly update, the broker has reiterated its buy rating with a reduced price target of $39.40. The broker said: "While WOW's 3Q sales were in-line with GSe, the stock traded weaker due to management seeing a challenging 12mth outlook with intensifying competition and low-single digit cost inflation." However, Goldman stays "positive on WOW as a digital growth leader, believing 3Q24 will be the worst of market share loss."
