5 things to watch on the ASX 200 on Friday

Will the ASX 200 end the week with a new record high?
The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia. –

On Thursday the S&P/ASX 200 Index (ASX: XJO) was on form again and charged to a new record high. The benchmark index rose 0.6% to 7,260.1 points.

Will the market be able to build on this on Friday? Here are five things to watch:

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 3 points higher this morning. This follows a poor night of trade on Wall Street, which saw the Dow Jones fall 0.1%, the S&P 500 drop 0.35%, and the Nasdaq tumble 1% lower.

Oil prices rise

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices edged higher. According to Bloomberg, the WTI crude oil price is up 0.1% to US$68.88 a barrel and the Brent crude oil price is up slightly to US$71.36 a barrel. A mixed US inventory report held back oil prices.

Tech shares on watch

Australian tech shares such as Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) could come under pressure today after their US counterparts were sold off overnight. The tech-heavy Nasdaq index fell 1% after investors rotated into cyclical stocks. As the local tech sector has a tendency to follow the Nasdaq’s lead, it doesn’t bode well for Friday’s trade.

Wesfarmers given buy rating

The Wesfarmers Ltd (ASX: WES) share price is in the buy zone according to analysts at Goldman Sachs. In response to its strategy update on Thursday, the broker has retained its buy rating and $59.70 price target. Goldman notes that key priorities have been aligned towards developing a market leading data and digital ecosystem, investing in platforms, and accelerating the pace of continuous improvement.

Gold price sinks

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could end the week in the red after the gold price sank. According to CNBC, the spot gold price is down 1.9% to US$1,873.20 an ounce. A strong US dollar put pressure on the safe haven asset.

The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!