On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a strong day and charged higher. The benchmark index rose 0.7% to 7,048.1 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 rise
The Australian share market looks set to end the week on a positive note following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 7 points or 0.1% higher this morning. On Wall Street, the Dow Jones rose 1%, the S&P 500 climbed 1.4%, and the Nasdaq stormed 1.6% higher.
Oil prices fall
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is down 1.9% to US$93.10 a barrel and the Brent crude oil price is down 1.3% to US$99.96 a barrel. The prospect of banned Iranian oil exports hitting the market put pressure on prices.
Wesfarmers results
The Wesfarmers Ltd (ASX: WES) share price will be one to watch on Friday. This morning the conglomerate is scheduled to release its full year results. According to a note out of Citi, its analysts are expecting the company to report a net profit after tax of $2,237 million. This is a touch ahead of the market consensus estimate of $2,226.7 million.
Gold price higher
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a decent finish to the week after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.5% to US$1,771.10 an ounce. An easing US dollar appears to have given the safe haven asset a lift.
Ramsay results and takeover update
The Ramsay Health Care Limited (ASX: RHC) share price will be on watch for a couple of reasons on Friday. Firstly, the private healthcare company is due to release its full year results, with the market forecasting a net profit after tax of $321 million. Secondly, the company has provided an update on its takeover approach. KKR's $88 cash per share non-binding offer is still in play with Ramsay highlighting that the suitor has "not identified any matters that would cause the Consortium to terminate its pursuit of the Indicative Proposal."
