On Thursday the S&P/ASX 200 Index (ASX: XJO) overcame a weak start to storm notably higher. The benchmark index rose 0.5% to 7,058.6 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2% higher this morning. This follows a very strong night of trade on Wall Street, which saw the Dow Jones rise 0.9%, the S&P 500 climb 1.1%, and the Nasdaq storm 1.3% higher. Exceptional US economic data sent shares hurtling higher.
Oil prices rise
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices pushed higher again. According to Bloomberg, the WTI crude oil price is up 0.3% to US$63.36 a barrel and the Brent crude oil price is up 0.45% to US$66.89 a barrel. Oil prices hit one-month highs after demand forecasts were upgraded.
Gold price storms higher
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a strong day after the gold price stormed higher. According to CNBC, the spot gold price is up 1.6% to US$1,764.70 an ounce. The precious metal was in demand with traders after bond yields retreated.
Bank of Queensland given buy rating
The Bank of Queensland Limited (ASX: BOQ) share price is in the buy zone according to analysts at Goldman Sachs. The broker was pleased with its half year results on Thursday and responded by retaining its buy rating and lifting its price target to $9.83. Goldman believes that Bank of Queensland’s guidance for the full year is conservative and expects the bank to outperform it.
Coca-Cola Amatil takeover update
The Coca-Cola Amatil Ltd (ASX: CCL) share price will be on watch today after providing an update on its takeover approach by Coca-Cola European Partners. According to the release, the New Zealand Overseas Investment Office has consented to the takeover. This means that all of the regulatory approval conditions have now been satisfied. Shareholders will now vote on the proposal at a special meeting this morning in Sydney.
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More reading
- ASX 200 rises, Zip sinks, BOQ reports
- How pent-up demand could turbocharge ASX 200 energy shares
- What’s going on with the Rio Tinto (ASX:RIO) share price today?
- ASX 200 flat: Zip raises $400m, Bank of Queensland results, Regis crashes
- Why the Whitehaven Coal (ASX:WHC) share price is plunging 14%
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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