On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a day to remember after softer-than-expected US inflation put a rocket under the share market. The benchmark index rose 1.65% to 7,881.3 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 fall
The Australian share market looks set to end the week in the red following a subdued session on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 35 points or 0.45% lower this morning. On Wall Street, the Dow Jones was down 0.1%, the S&P 500 fell 0.2%, and the NASDAQ was 0.25% lower. The Dow Jones briefly hit 40,000 points for the first time before giving back its gains.
Oil prices rise
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good finish to the week after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price is up 0.8% to US$79.60 a barrel, and the Brent crude oil price is up 0.7% to US$84.19 a barrel. Traders have been bidding oil higher in response to falling US inventories and signs that inflation is easing.
Buy Graincorp shares
The Graincorp Ltd (ASX: GNC) share price could be good value according to analysts at Bell Potter. In response to the grain exporter's half-year results, the broker has reaffirmed its buy rating with an improved price target of $9.50. This implies a potential upside of almost 17% for investors. In addition, the broker expects a 3.9% dividend yield from its shares. Commenting on the result, it said: "GNC reported a 1H24 underlying NPAT modestly ahead of our expectations at $56.5m (BPe $54.8m)."
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor finish to the week after the gold price tumbled overnight. According to CNBC, the spot gold price is down 0.45% to US$2,383.8 an ounce. This may have been driven by profit-taking following a strong gain this week.
Incitec Pivots shares are a buy
Incitec Pivot Ltd (ASX: IPL) shares can keep climbing according to analysts at Goldman Sachs. In response to its well-received half-year results, the broker has reaffirmed its buy rating on the fertiliser and commercial explosives company's shares with an improved price target of $3.35. It commented: "Solid APAC pricing momentum, Fertiliser sale process ongoing & Transformational program flagged."
