On Thursday the S&P/ASX 200 Index (ASX: XJO) was back on form again and pushed higher. The benchmark index climbed 0.5% to 6,210.3 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 futures pointing lower.
The ASX 200 is expected to edge lower on Friday after a soft night of trade on Wall Street. According to the latest SPI futures, the benchmark index is poised to open the day 2 points lower this morning. In late trade in the United States the Dow Jones is down 0.05%, the S&P 500 is 0.15% lower, and the Nasdaq is down 0.4%.
Rio Tinto update.
The Rio Tinto Limited (ASX: RIO) share price will be on watch on Friday when it releases its first quarter update. According to a note out of Goldman Sachs, its analysts expect Rio Tinto to report iron ore shipments of 83.3Mt and copper production of 91kt. This will be a quarter on quarter decline of 4% and 32%, respectively.
Gold price edges higher.
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) could have a positive day after the gold price edged higher. According to CNBC, the spot gold price is up 0.1% to US$1,909.60 an ounce.
GUD trading update
The GUD Holdings Limited (ASX: GUD) share price could be on the rise today after the products company released a positive trading update. That update revealed that its strong sales performance has continued across both Auto and Water divisions. This led to GUD reporting a 14% increase in first quarter group sales. No guidance has been given for the first half or full year. Goldman Sachs was pleased with this update and retained its buy rating and lifted its price target to $14.75.
Oil prices drop lower.
Energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could have a tough finish to the week after oil prices dropped lower. According to Bloomberg, the WTI crude oil price is down 0.3% to US$40.93 a barrel and the Brent crude oil price is down 0.5% to US$43.08 a barrel. Traders were selling oil amid concerns that lockdowns would hurt demand.
Forget what just happened. We think this stock could be Australia’s next MONSTER IPO…
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting…
Because ‘Doc’ Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget ‘buy now pay later’, this stock could be the next hot stock on the ASX.
See how you can find out the name of this stock
Returns as of 6th October 2020
More reading
- ASX 200 rises, Pro Medicus (ASX:PME) wins another global contract
- Bank of Queensland (ASX:BOQ) among the latest buy ideas from brokers
- Looking to invest in ASX real estate shares? Read this first
- ASX 200 up 0.9%: Big four banks rise, Pro Medicus jumps, miners charging higher
- 5 things to watch on the ASX 200 on Thursday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post 5 things to watch on the ASX 200 on Friday appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/37bG9If
Leave a Reply