On Thursday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.3% to 6,528.4 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:
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ASX 200 expected to edge lower
The Australian share market looks set to open the day in the red. According to the latest SPI futures, the ASX 200 is expected to open 10 points or 0.15% lower this morning. Though, it is worth noting that futures contracts may not yet have captured a late rally in the US, which saw the Dow Jones rise 0.65%, the S&P 500 climb 0.95%, and the Nasdaq jump 1.6%.
Oil prices fall
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WPL) could have a poor finish to the week after oil prices dropped. According to Bloomberg, the WTI crude oil price is down 1.85% to US$104.22 a barrel and the Brent crude oil price is down 1.6% to US$109.93 a barrel. Fears that rising interest rates could hurt demand are being blamed for these declines.
TPG rated neutral
The TPG Telecom Ltd (ASX: TPG) share price could be close to being fully valued according to analysts at Goldman Sachs. In response to the telco's investor day, the broker has retained its neutral rating with a $6.20 price target. Goldman notes that there is a "significant mobile opportunity in a rational market [but] higher interest drives EPS downgrades."
Gold price drops
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a tough finish to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.6% to US$1,826.4 an ounce. Comments out of the US Fed relating to taming inflation weighed on the safe haven asset.
Westpac dividend being paid
Today is payday for Westpac Banking Corp (ASX: WBC) shareholders. This morning Australia's oldest bank will be rewarding its shareholders with a fully franked 61 cents per share interim dividend. This is the equivalent of a 3% yield at current prices.
