On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.3% to 8,045.1 points.
Will the market be able to bounce back from 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 rebound on Friday despite a mixed session in the United States. According to the latest SPI futures, the ASX 200 is expected to open 27 points or 0.35% higher this morning. On Wall Street, the Dow Jones was up 0.6%, the S&P 500 ended the session flat, and the Nasdaq edged 0.2% lower.
Oil prices jump
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) look set to have a good finish to the week after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 2% to US$76.00 a barrel and the Brent crude oil price is up 1.75% to US$80.02 a barrel. This was driven by supply disruption in Libya and plans for a production cut in Iraq.
Final set of results
Earnings season will draw to a close today when the last group of ASX 200 shares release their results. Among the companies handing down their report cards are integrated services provider Downer EDI Ltd (ASX: DOW), private hospital operator Ramsay Health Care Ltd (ASX: RHC), and telco giant TPG Telecom Ltd (ASX: TPG).
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good finish to the week after the gold price pushed higher during overnight trade. According to CNBC, the spot gold price is up 0.65% to US$2,554.5 an ounce. The prospect of interest rate cuts next month is boosting the precious metal.
Buy Qantas shares
Qantas Airways Limited (ASX: QAN) shares could be great value according to analysts at Goldman Sachs. In response to the airline operator's full year results, the broker has reiterated its conviction buy rating and $8.05 price target on its shares. Goldman said: "An inline result and generally consistent/better than expected outlook commentary further suggest that earnings have been sustainably reset higher. This is reinforced by a 2H improvement in key operating metrics that precludes the need for a substantial uplift in customer investment."
