5 things to watch on the ASX 200 on Friday
On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a poor session and dropped into the red. The benchmark index fell 0.45% to 8,793.2 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 fall
The Australian share market looks set for a poor session on Friday following a relatively weak night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open 27 points or 0.3% lower this morning. On Wall Street, the Dow Jones was flat but the S&P 500 fell 1.2% and the Nasdaq sank 2.6%.
Oil prices rise
ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) will be on watch today after a strong night for oil prices. According to Bloomberg, the WTI crude oil price is up 2.2% to US$99.31 a barrel and the Brent crude oil price is up 3.9% to US$113.12 a barrel. This follows reports that Donald Trump could be planning further action on Iran.
Buy NextDC shares
Morgans thinks investors should be buying NextDC Ltd (ASX: NXT) shares while they are down in the dumps. The broker has upgraded the data centre operator's shares to a buy rating with a $7.50 price target. It said: "In our view NXT is incredibly cheap and its ~30% discount to NTA is unwarranted if these issues are just short term in nature. However, management needs to de-risk these key concerns for equity investors. This could take some time. We set our Target Price at $7.50 which is broadly in line with NTA and below our valuation. We upgrade to a BUY recommendation, from HOLD. Noting the heightening risks relative to normal operating conditions for the business."
Gold price tumbles
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Newmont Corporation (ASX: NEM) could have a poor finish to the week after the gold price tumbled overnight. According to CNBC, the gold futures price is down 2.65% to US$4,040.1 an ounce. Traders were selling gold after the oil rally fuelled inflation worries.
AGMs
A number of annual general meetings are taking place today, which could see the release of trading updates. Among those holding meetings are plumbing parts company Reliance Worldwide Corporation (ASX: RWC), salary packaging company McMillan Shakespeare Ltd (ASX: MMS), and broadband provider Aussie Broadband Ltd (ASX: ABB).
The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Nextdc and Woodside Energy Group Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Aussie Broadband and McMillan Shakespeare. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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