On Thursday, the S&P/ASX 200 Index (ASX: XJO) had another decent session and recorded a small gain. The benchmark index rose 0.2% to 8,027 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 fall
The Australian share market looks set to end its winning streak on Friday following a poor session in the United States. According to the latest SPI futures, the ASX 200 is expected to open 13 points or 0.15% lower this morning. On Wall Street, the Dow Jones was down 0.4%, the S&P 500 fell 0.9%, and the Nasdaq sank 1.7%. Investors were nervous ahead of a big speech by US Federal Reserve Chair Jerome Powell at the central bank's annual Jackson Hole conference.
Oil prices rebound
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) look set to have a good finish to the week after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 1.4% to US$72.95 a barrel and the Brent crude oil price is up 1.4% to US$77.12 a barrel. Traders appear to believe that oil had been oversold.
Telix half year results
Telix Pharmaceuticals Ltd (ASX: TLX) shares will be on watch on Friday after the radiopharmaceuticals company released its half year results. Telix reported a 65% increase in revenue to $364 million and a net profit after tax of $29.7 million. The latter compares to a $14.3 million loss in the prior corresponding period.
Gold price tumbles
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a tough finish to the week after the gold price slumped during overnight trade. According to CNBC, the spot gold price is down 1.1% to US$2,519 an ounce. Traders are awaiting the aforementioned speech from US Federal Reserve Chair Jerome Powell.
Buy Megaport shares
Megaport Ltd (ASX: MP1) shares were sold off on Thursday and ended the day 21% lower. Investors were hitting the sell button due to the network as a service provider's softer than expected FY 2025 guidance. Goldman Sachs thinks this is a buying opportunity. This morning, its analysts have retained their buy rating with a reduced price target of $12.00. This implies potential upside of 29% for investors from current levels. The broker said: "We remain confident MP1 has a clear product advantage vs. peers and a decade-long runway for robust growth."
