On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark index rose 0.75% to 7,455.9 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 tumble
The Australian share market looks set to end the week deep in the red following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 44 points or 0.6% lower this morning. In the United States, the Dow Jones was down 0.7%, the S&P 500 fell 0.65% and the NASDAQ dropped 0.55%.
Pro Medicus upgraded
Pro Medicus Limited (ASX: PME) shares could be in the buy zone according to analysts at Goldman Sachs. This morning, the broker has upgraded the healthcare technology company's shares to a buy rating with a $76.00 price target. It said: "We believe Visage 7 looks set for a robust period of transaction revenue as PME on-boards several large accounts."
Oil prices rise
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good finish to the week after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 1.3% to US$79.79 a barrel and the Brent crude oil price is up 1.2% to US$83.89 a barrel. Tight supply conditions boosted prices.
Gold price sinks
ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) could have a poor finish to the week after the gold price sank overnight. According to CNBC, the spot gold price is down 1.35% to US$1,943.7 an ounce. The US dollar and bond yields strengthened and weighed on the precious metal.
Buy Allkem shares
The Allkem Ltd (ASX: AKE) share price could be undervalued according to analysts at Bell Potter. According to a note, the broker has retained its buy rating with a trimmed price target of $18.90. This implies a potential upside of 23% for investors from current levels. It said: "AKE has a strong production and earnings growth profile into what we expect to be an exceptionally strong market for lithium."
