On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a poor session and dropped into the red. The benchmark index fell 0.55% to 8,793.4 points.
Will the market be able to bounce back from this on Friday and end the week on a high? Here are five things to watch:
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ASX 200 expected to edge higher
The Australian share market looks set to edge slightly higher on Friday following a poor night in the United States. According to the latest SPI futures, the ASX 200 is expected to open 1 point higher this morning. On Wall Street, the Dow Jones was down 0.35%, the S&P 500 fell 0.4% and the Nasdaq dropped 0.9%.
Oil prices rise
It could be a good finish to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 3.85% to US$96.54 a barrel and the Brent crude oil price is up 3.95% to US$105.95 a barrel. This was driven by rising tensions in the Strait of Hormuz.
Fortescue update
Fortescue Ltd (ASX: FMG) shares will be on watch on Friday when the iron ore giant releases its third-quarter update. The market is expecting the miner to report iron ore shipments of approximately 49Mt for the three months. In addition, all eyes will be on its costs after the surge in diesel prices following the war in the Middle East. PLS Group Ltd (ASX: PLS) is also scheduled to release its quarterly update.
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Newmont Corporation (ASX: NEM) 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$4,714.1 an ounce. This was driven by inflation and interest rate hike concerns.
Buy Regis Resources shares
Regis Resources Ltd (ASX: RRL) shares could be great value according to analysts at Bell Potter. This morning, in response to the gold miner's quarterly update, the broker has retained its buy rating on its shares with an improved price target of $9.45. It said: "We remain attracted to RRL's all-Australian, multi-mine asset portfolio, its demonstrated leverage to the gold price, highly competitive cash generation and its fully unhedged, debt free position. Our NPV-based valuation lifts 1%, to a rounded $9.45/sh. We retain our Buy recommendation with forecast dividends supporting shareholder returns."
