On Thursday, the S&P/ASX 200 Index (ASX: XJO) continued its positive run and edged higher. The benchmark index rose 0.1% to 7,305.3 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:
ASX 200 expected to fall
The Australian share market looks set to end the week in a disappointing fashion following a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 39 points or 0.55% lower this morning. In the United States, the Dow Jones was down 0.5% and the S&P 500 fell 0.15%, but the NASDAQ edged 0.1% higher.
Coles goes ex-dividend
Coles Group Ltd (ASX: COL) shares are due to go ex-dividend this morning and could trade lower. Last month, the supermarket giant declared a fully franked final dividend of 30 cents per share. It will now be paid to eligible shareholders later this month on 27 September.
Oil prices storm higher
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session thanks to a strong night for oil prices. According to Bloomberg, the WTI crude oil price is up 2.35% to US$83.55 a barrel and the Brent crude oil price is up 1.1% to US$86.83 a barrel. This was driven by optimism that OPEC will continue with its production cuts until the end of the year.
Gold price falls
ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) could have a subdued finish to the week after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.3% to US$1,966.4 an ounce. A stronger US dollar weighed on the precious metal.
IGO rated as a buy
Goldman Sachs sees value in IGO Ltd (ASX: IGO) shares following the release of the battery materials company's FY 2023 results. This morning, the broker has retained its buy rating with a price target of $14.80. Goldman said: "Greenbushes is the lowest cost lithium asset in our coverage with production growth more than offsetting an increasing strip ratio."
