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On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a strong day and cashed more. The benchmark index rose 0.7% to 7,048.1 points.
Will the market be able to take advantage of this on Friday and end the week on a high? Here are five things to watch:
ASX 200 expected to rise
The Australian stock market looks poised to end the week on a positive note after a strong night of trading on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 7 points or 0.1% higher this morning. On Wall Street, the Dow Jones was up 1%, the S&P 500 was up 1.4% and the Nasdaq was up 1.6%.
Oil prices fall
energy producers beach energy ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could end the week poorly after oil prices pulled back overnight. According to Bloomberg, the price of WTI crude is down 1.9% at $93.10 a barrel and the price of Brent crude is down 1.3% at $99.96 a barrel. The prospect of banned Iranian oil exports reaching the market put pressure on prices.
Results of Wesfarmers
the Wesfarmers Ltd (ASX: WES) stock price will be one to watch on Friday. This morning, the conglomerate is scheduled to publish its results for the full year. According to a note from Citi, its analysts expect the company to report net income after taxes of $2,237 million. This is a touch ahead of the market consensus estimate of $2,226.7 million.
highest gold price
gold miners Newcrest Mining Ltd. (ASX:NCM) and Santa Barbara Ltd. (ASX:SBM) could have a decent end to the week after the price of gold rose overnight. According to CNBC, the spot price of gold rose 0.5% to $1,771.10 an ounce. The easing of the US dollar appears to have given the safe haven asset a boost.
Ramsay Results and Acquisition Update
the Ramsay limited health care (ASX:RHC) Stock price will be on the lookout for a couple of reasons on Friday. First, the private health care company is due to release its full-year results, with the market forecasting an after-tax net profit of $321 million. Second, the company has provided an update on its acquisition approach. KKR’s non-binding $88 per share cash offer is still up for grabs and Ramsay notes that the suitor “has not identified any issues that would cause the Consortium to end its search for the Indicative Proposal.”