On Thursday the S&P/ASX 200 Index (ASX: XJO) bounced back from a morning decline and continued its positive run. The benchmark index rose 0.25% to 6,547.2 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to push higher.
The Australian share market could end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to push 17 points or 0.25% higher at the open. In late trade on Wall Street, the Dow Jones is down 0.1%, the S&P 500 has risen 0.1%, and the Nasdaq is pushing a decent 0.6% higher.
Oxford University-Astra Zeneca vaccine update.
The coronavirus vaccine being developed by the University of Oxford and AstraZeneca, AZD1222, is reportedly safe and triggers a similar immune response among all adults. This is according to the preliminary findings of a peer-reviewed phase two trial. According to CNBC, the promising early-stage results were published Thursday in The Lancet, which is one of the world's top medical journals. CSL Limited (ASX:CSL) has signed an agreement to manufacture this vaccine if successful.
Oil prices soften.
It could be a tough day for energy shares such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) after oil prices softened. According to Bloomberg, the WTI crude oil price is down 0.4% to US$41.65 a barrel and the Brent crude oil price is down 0.5% to US$44.10 a barrel. Oil prices came under pressure after a surge in COVID-19 cases raised concerns about oil demand.
Annual general meetings.
A number of companies are holding their annual general meetings on Thursday and could provide updates at their events. This includes footwear retailer Accent Group Ltd (ASX: AX1), global property and infrastructure company Lendlease Group (ASX: LLC), and fund manager Platinum Asset Management Ltd (ASX: PTM).
Gold price drops lower again.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could come under pressure today after the gold price continued to soften. According to CNBC, the spot gold price is down 0.6% to US$1,862.60 an ounce. A stronger US dollar weighted on the precious metal.
