On Thursday the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index climbed 0.5% to 7,311.7 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to rise again
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 45 points or 0.6% higher. This follows a very strong night of trade on Wall Street, which late on sees the Dow Jones up 1.4%, the S&P 500 1.6% higher, and the Nasdaq up 1.65%.
Rio Tinto quarterly update
All eyes will be on the Rio Tinto Limited (ASX: RIO) share price today when it releases its third quarter update. Investors will no doubt be keen to see if the mining giant is on course to achieve its full year guidance. This includes iron ore shipments of 325 to 340Mt, aluminium production of 3.1 to 3.3Mt, and copper production of 210 to 250kt.
Oil prices rise
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a strong finish to the week after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 1.15% to US$81.36 a barrel and the Brent crude oil price is up 1.15% to US$84.13 a barrel. A stronger draw on US fuel inventories boosted prices.
The Harvey Norman Holdings Limited (ASX: HVN) share price is trading ex-dividend for its fully franked 15 cents per share final dividend this morning and could trade lower. Elsewhere, shareholders of Eagers Automotive Ltd (ASX: APE) and HUB24 Ltd (ASX: HUB) can look forward to being paid their latest dividends later today.
Gold price rises
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after the gold price edged higher. According to CNBC, the spot gold price is up 0.2% to US$1,798.9 an ounce. This was driven by softening bond yields.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Hub24 Ltd. The Motley Fool Australia owns shares of and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has recommended Hub24 Ltd. 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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