On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark index rose 0.5% to 7,506 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 fall
The Australian share market looks set to end the week on a disappointing note following a relatively poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 43 points or 0.6% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.1%, the S&P 500 is down 0.1%, and the NASDAQ is also down 0.1%.
Oil prices rise
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a decent finish to the week after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 1% to US$72.06 a barrel and the Brent crude oil price is up 0.8% to US$77.44 a barrel. Traders were buying oil after Middle East tensions increased.
Lynas is a buy
Bell Potter believes that Lynas Rare Earths Ltd (ASX: LYC) shares are in the buy zone. The broker has reaffirmed its buy rating on the rare earths producer's shares with an $8.50 price target. It said: "LYC remains a high-quality business, and a key supplier of separated rare earths to Western economies."
Gold price edges lower
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.2% to US$2,024.2 an ounce. Higher than expected US inflation data reduced rate cut bets and put pressure on gold.
Orora remains a buy
Orora Ltd (ASX: ORA) shares remain a buy according to analysts at Goldman Sachs. It notes that China's Ministry of Commerce has announced an anti-dumping investigation into cognac and is arguing that a tariff of 15.88% should be applied. However, the broker has concluded that the risk to the packaging giant is relatively immaterial. Goldman has a buy rating and a $3.55 price target on its shares.
