Here’s what to expect on the ASX 200 on Friday…
The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia. –
On Thursday, theÂ S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and ended the day a fraction lower. The benchmark index fell 1 point to 6,974.9 points.
Will the market be able to bounce back from this on Friday and end the week on a high? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to end the week on a mildly positive note despite a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 10 points or 0.15% higher this morning. In the United States, the Dow Jones fell 0.25%, the S&P 500 edged 0.1% lower, and the Nasdaq pushed 0.4% higher.
Oil prices fall again
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough finish to the week after oil prices tumbled again. According to Bloomberg, the WTI crude oil price is down 2.5% to US$88.42 a barrel and the Brent crude oil price is down 3% to US$93.91 a barrel. Fears of a demand slowdown after a build in U.S. crude and gasoline inventories sent oil prices to multi-month lows.
The ResMed Inc (ASX: RMD) share price will be one to watch on Friday. This morning the medical device company is releasing its fourth quarter and full year results. In respect to its full year result, the market is expecting ResMed to report a profit after tax of US$825.6 million for the 12 months ended 30 June.
Gold price rebounds
The shares of gold miners such as Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a decent end to the week after the gold price rebounded overnight. According to CNBC, the spot gold price is up 1.9% to US$1,810.5 an ounce. This followed a pullback in the US dollar and rising US-China tensions.
Elders rated as a buy
TheÂ Elders Ltd (ASX: ELD)Â share price could be great value after recent weakness according to Goldman Sachs. This morning the broker reiterated its conviction buy rating and $21.00 price target on the companyâs shares. Commenting on the underperformance of its shares, Goldman said: âWe believe the market is applying a higher weight to the potential of a cyclical downturn in seasonal conditions over the long term structural growth opportunities still in front of the company.â
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of July 7 2022
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
‘We are in for the long haulâ: Rio Tinto CEO defends future spending in the face of recession fears
NRW share price leaps 11% on guidance upgrade for FY22
Which ASX 200 shares will prove to be dividend heavyweights this earnings season?
Here are the top 10 ASX 200 shares today
Here are the 3 most heavily traded ASX 200 shares on Thursday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. The Motley Fool Australia has recommended Elders Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.