ASX Today: Australian Share Market Set for Higher Open on Friday as Miners and Gold Stocks Shine
Synopsis
Australia’s share market is expected to open higher on Friday after another positive session on Wall Street lifted investor confidence. SPI futures suggest the ASX 200 could rise around 42 points at the open following Thursday’s strong rebound. Mining giants BHP and Rio Tinto may continue gaining after copper prices climbed sharply this month, while gold stocks could also remain supported by rising bullion prices. Meanwhile, softer oil prices may place pressure on energy companies including Santos and Woodside. Investors are also watching Energy One after Bell Potter backed the software company despite broader concerns around artificial intelligence disruption.
The Australian share market is set to record a strong start on Friday after another great session the US stock sell-off. You could continue to see a strong performance in mining and gold stocks, but softening oil prices may keep pressure on the likes of Santos and Woodside.
Key Highlights
- ASX 200 set to rise 42 points at the open
- US stocks finished higher overnight
- Oil prices fell back again as hopes for peace
- Copper prices rise on prospect of supply chain disruptions
- Overnight price rise may keep gold stocks firm
Looks headed for another up session on the ASX 200
Australian shares are poised to open stronger on Friday after U.S. stocks opened higher in Thursday trade with the S&P/ASX 200 Index looking likely to bounce strongly. At the open, SPI futures suggest a 42 point, or 0.5%, gain. That comes after a positive session overnight on Wall Street, where the Dow Jones closed up 0.55%, while S&P 500 and Nasdaq finished in the green also. Investors are looking to see if the Aussie market can end the week on a high note after being strongly lower earlier in the week.
Soaring interest rates are hurting growth stocks again
Oil prices eased overnight as traders became increasingly convinced US-Iranian tensions may thaw further this month. Brent crude lowered by 0.65% to US$104.35 a barrel, and WTI crude eased to US$97.59 which could keep some pressure on ASX energy heavyweights Santos Ltd and Woodside Energy Group Ltd during Friday trade. Simultaneously, lower oil prices are helping to slow down concerns over inflation which has provided a minor lift in gold prices overnight. That may underpin gainers Gold miners including Evolution Mining Ltd and Newmont Corporation.
Stocks to watch: BHP, Rio Tinto and Energy One
Mining heavyweights BHP Group Ltd and Rio Tinto Ltd are expected to be in focus after their US-listed stocks rose overnight. Copper prices are now about 10 per cent higher since early May and have helped boost sentiment towards the large mining sector. Eye On Energy One, Investors may also keep an eye on Energy One Ltd, after Bell Potter retained its buy recommendation for the software company. Sanford Bernstein said markets are overly worried about an AI disruption at the broker and also highlighted sales growth across its energy software business and growing European operations.
FAQs
- Will the ASX rise today?
SPI futures are whining about 42 points with the ASX 200 expected to open higher.
- Why are oil prices falling?
Markets are responding to optimism over US-Iran tension commencement.
- Which ASX stocks are on the radar today?
Monitor BHP, Rio Tinto and Santos, Woodside Energy One Major gold miners
- Why Are Mining Stocks Getting More Attention?
Copper prices surged higher across May, contributing to a lift in the mood for miners.
- What boosted Wall Street overnight?
Investors were optimistic about easing inflation and global market stability.
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At Inspirepreneurs Magazine, covering entrepreneurship, business failures, and the human stories behind the world's most ambitious founders. She writes at the intersection of strategy and storytelling.
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