On Thursday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.5% to 8,201.2 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 fall on Friday after a poor night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open 35 points or 0.4% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.6%, the S&P 500 is down 0.6%, and the Nasdaq is 0.65% lower.
Oil prices storm higher
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good finish to the week after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 2.1% to US$73.18 a barrel and the Brent crude oil price is up 1.75% to US$75.90 a barrel. Traders were buying oil amid optimism over a recovery in Chinese demand.
Buy QBE shares
Analysts at Goldman Sachs have reaffirmed their buy rating on QBE Insurance Group Ltd (ASX: QBE) shares with an improved price target of $22.50 (from $22.00). It said: "QBE still has relative valuation appeal vs history, vs global peers and vs ROTE generated. We think FY25 guidance should continue to see an improving COR as QBE's CAT exposure and business mix is gradually repositioned toward improved profitability alongside underlying volume growth."
Gold price rises
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 1.05% to US$2,668.8 an ounce. The precious metal climbed to a two-week high on safe haven demand.
Buy Suncorp shares
Suncorp Group Ltd (ASX: SUN) shares are in the buy zone according to analysts at Goldman Sachs. This morning, the broker has retained its buy rating on the insurance giant's shares with an improved price target of $20.00 (from $19.20). It said: "We still think SUN offers reinsurance upside optionality if economic (supporting ROE/margin), better unit trends, margin consistency and risk retention (supporting NEP) while IAG offers greater margin protection (perils/ reserves) and a better ROTE."
