5 things to watch on the ASX 200 on Friday

On Thursday, the S&P/ASX 200 Index (ASX: XJO) was back on form and charged higher. The benchmark index rose 0.8% to 6,648 points.

Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to rise again

The Australian share market looks set to end the week on a positive note following a strong night of trade on Wall Street.  According to the latest SPI futures, the ASX 200 is expected to open 52 points or 0.8% higher this morning. In the United States, the Dow Jones rose 1.1%, the S&P 500 climbed 1.5%, and the Nasdaq stormed 2.3% higher.

Oil prices rebound

Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good finish to the week after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 3.7% to US$102.24 a barrel and the Brent crude oil price is up 3.4% to US$104.13 a barrel. Supply concerns offset recession fears and drove prices higher.

Chalice rated as a buy

The Chalice Mining Ltd (ASX: CHN) share price could be great value according to analysts at Bell Potter. According to a note, the broker has retained its speculative buy rating and $11.10 price target on the mineral exploration company’s shares. Bell Potter believes recent drilling results at the Dampier target are exciting. It said: “These results are a very exciting development for CHN and are the strongest indication yet of further mineralisation at Julimar and for potential repeats of the Gonneville deposit.”

Gold price edges higher

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.15% to US$1,739.10 an ounce. The gold price was boosted by a softer US dollar.

Pro Medicus shares upgraded

The Pro Medicus Limited (ASX: PME) share price is now around fair value according to analysts at Goldman Sachs. The has upgraded its shares to neutral from sell with a $42.90 price target. Goldman is bullish on its AI opportunity in radiology. It said: “Although still early days, we believe PME is better positioned than most to commercialise AI, as integration with its established Visage 7 Viewer provides a strong differentiation to the competition.”

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

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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 Pro Medicus Ltd. The Motley Fool Australia has positions in and has recommended Pro Medicus Ltd. 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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