On Thursday the S&P/ASX 200 Index (ASX: XJO) gave back the majority of its intraday gains to finish the day just a fraction higher. The benchmark index rose slightly to 7,415.4 points.
Will the market be able to build on this on Friday? Here are five things to watch:
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ASX 200 expected to edge higher
The Australian share market looks set to end the week on a subdued note. According to the latest SPI futures, the ASX 200 is expected to open the day 2 points higher. This follows a mixed night of trade on Wall Street, which late on sees the Dow Jones down 0.1%, the S&P 500 up 0.2%, and the Nasdaq up 0.6%.
BHP and Rio Tinto likely to fall
The BHP Group Ltd (ASX: BHP) share price and the Rio Tinto Limited (ASX: RIO) share price could fall heavily today. Both mining giants saw their London and New York listed shares tumble close to 4% during overnight trade. This may be due partly to a 5.8% decline in the spot iron ore price to US$116.93 a tonne according to Metal Bulletin.
Oil prices fall
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a poor end to the week after oil prices fell. According to Bloomberg, the WTI crude oil price is down 1% to US$82.58 a barrel and the Brent crude oil price is down 1.3% to US$84.71 a barrel. Prices eased after some investors took profits amid signs the rally is looking overstretched.
South32 shares still a buy
The South32 Ltd (ASX: S32) share price remains great value following its quarterly update according to analysts at Goldman Sachs. This morning the broker retained its conviction buy rating and $4.40 price target. Goldman notes that its production was in line with the broker's expectations and was pleased to see guidance left unchanged.
Gold price flat
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a subdued finish to the week after the gold price traded flat. According to CNBC, the spot gold price is fetching US$1,784.5 an ounce. Traders appear undecided in which direction the precious metal is going next.
