On Thursday, the S&P/ASX 200 Index (ASX: XJO) returned to form and recorded a strong gain. The benchmark index rose 1% to 8,826.5 points.
Will the market 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 strong night in the United States. According to the latest SPI futures, the ASX 200 is expected to open 54 points or 0.6% higher this morning. On Wall Street, the Dow Jones was up 0.8%, the S&P 500 rose 0.8%, and the Nasdaq charged 1% higher.
Oil prices tumble
It could be a tough finish to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.05% to US$63.30 a barrel and the Brent crude oil price is down 1.2% to US$66.81 a barrel. This was driven by both a surprise increase in US crude stockpiles and reports that OPEC plans to lift its output.
ASX 200 shares going ex-dividend
More ASX 200 shares are going ex-dividend this morning and could trade lower. Among them are supermarket giant Coles Group Ltd (ASX: COL), auto retailer Eagers Automotive Ltd (ASX: APE), and fuel retailer Viva Energy Group Ltd (ASX: VEA). In respect to Coles, last month it declared a fully franked 32 cents per share final dividend. This will be paid to eligible shareholders on 22 September.
Gold price pulls back
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 pulled back overnight. According to CNBC, the gold futures price is down 0.8% to US$3,606.3 an ounce. Traders appear to have been taking profit after the precious metal's record rally.
Accumulate Regis Resources shares
Regis Resources Ltd (ASX: RRL) shares could be heading higher according to analysts at Morgans. According to a note, the broker has retained its accumulate rating on the gold miner's shares with an increased price target of $5.80. This implies potential upside of 20% for investors over the next 12 months. It said: "Following the material increase in spot gold prices we have updated our spot price scenario assumption to US$3,250/oz (previously US$3,000/oz). We maintain our ACCUMULATE rating, increasing our target price to A$5.80ps (previously A$5.00ps) – increase a function of updated our spot scenario assumptions."
