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On Thursday, the S & P / ASX 200 Index (ASX: XJO) ended the month in the red. The benchmark index sank 2% to 6,568.1 points.
Will the market be able to recover from this on Friday and finish the week to the fullest? Here are five things to see:
ASX 200 is expected to increase
The Australian stock market looks set to open on the highest day after less-than-feared falls on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 14 points or 0.2% higher this morning. In the United States, the Dow Jones fell 0.8%, the S&P 500 fell 0.9% and the Nasdaq fell 1.3%.
Oil prices are falling
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a difficult end to the week after the fall in oil prices. According to Bloomberg, the price of WTI crude has dropped 3.6% to $ 105.84 a barrel and the price of Brent crude has dropped 1.2% to $ 114.88 a barrel. Fears of the recession and confirmation that OPEC will increase production in August weighed on prices.
Twiggy attacks Regis’ resources
The share price of Regis Resources Limited (ASX: RRL) will be the one to watch on Friday amid reports that Andrew ‘Twiggy’ Forrest was looking to acquire an additional 15% stake in the gold miner yesterday. The AFR understands that Twiggy was willing to pay more than $ 1.48 per share for Regis shares, which represents a premium of 13.8%.
The price of gold is falling
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a smooth end to the week after the price of gold fell overnight. According to CNBC, the price of spot gold has dropped 0.55% to US $ 1,807.20 an ounce. Hawkish rhetoric of central banks has reduced the attractiveness of unprofitable assets.
The shares of AVZ Minerals must return
The share price of Avz Minerals Ltd (ASX: AVZ) is expected to return from its long suspension on Friday. The lithium developer is currently fighting a legal action from a Chinese company that claims to have a stake in the Manono Lithium project. It is feared that AVZ will end up owning only 36% of the project. Needless to say, management could extend its suspension again if the matter is not resolved.