On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a very strong session. The benchmark index raced 0.95% higher to 8,203.7 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 again
The Australian share market looks set to rise again on Friday following a good session in the United States. According to the latest SPI futures, the ASX 200 is expected to open 24 points or 0.3% higher this morning. On Wall Street, the Dow Jones was up 0.6%, the S&P 500 was rose 0.4%, and the Nasdaq pushed 0.6% higher.
Oil prices sink
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a tough finish to the week after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.3% to US$67.42 a barrel and the Brent crude oil price is down 2.9% to US$71.30 a barrel. This was driven by concerns over reports that Saudi Arabia is committed to increasing its production.
Star shares to return
Star Entertainment Group Ltd (ASX: SGR) shares are due to return to trade on Friday after almost a month in suspension. The embattled casino and resorts operator returns after releasing its full year results and arranging a new debt facility. In respect to the former, Star reported a loss of $1.7 billion for the year. As for the latter, the company's corporate lenders have executed a commitment letter for a new debt facility of up to $200 million in two-tranches.
Gold price continues its rise
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) look set to have a decent finish to the week after the gold price rose again overnight. According to CNBC, the gold futures price is up 0.4% to US$2,695.4 an ounce. Traders have been loading up on gold since the US Federal Reserve started its rate cut cycle.
Buy Xero shares
Xero Ltd (ASX: XRO) shares could be heading even higher according to analysts at Goldman Sachs. This morning, the broker has reiterated its conviction buy rating with an improved price target of $201.00. Goldman is feeling upbeat on the company's potential in the massive US market. It commented: "Xero US product cadence is accelerating, with significant progress on localization: Xero launched a significant amount of new product at its recent Xerocon Nashville event, which has been well received by the market."
