5 things to watch on the ASX 200 on Friday

Smiling man with phone in wheelchair watching stocks and trends on computer

Smiling man with phone in wheelchair watching stocks and trends on computer

On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a good session and charged higher. The benchmark index rose 0.5% to 6,794.3 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 with another gain following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 11 points or 0.15% higher this morning. In the United States, the Dow Jones rose 0.5%, the S&P 500 climbed 1%, and the Nasdaq jumped 1.35%.

Oil prices tumble

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. According to Bloomberg, the WTI crude oil price is down 3.4% to US$96.44 a barrel and the Brent crude oil price is down 2.7% to US$104.00 a barrel. Rising gasoline stockpiles, rate hikes, and resuming supply weighed on prices.

Life360 rated as a buy

The Life360 Inc (ASX: 360) share price may be up 66% in a month but one leading broker believes it can keep climbing. According to a note out of Bell Potter, its analysts have reiterated their buy rating and $7.50 price target. Bell Potter believes the location technology company will report another strong quarter. It said: [We] forecast global paying circles and AMR (excl. Jiobit and Tile) increase 40% and 46% y-o-y in Q2 which is not dissimilar to the growth rates achieved in each of the last three quarters.”

Gold price rises

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a good finish to the week after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 1.1% to US$1,718.70 an ounce. A softening US dollar boosted the precious metal.

Alumina rated as a sell

The Alumina Limited (ASX: AWC) share price is overvalued according to analysts at Goldman Sachs. This morning the broker reiterated its sell rating and cut its price target by 10% to $1.35. It said: “At spot alumina of US$330/t, AWC is set for a near US$0/t margin, which would be a record low since starting refining operations before 1990.”

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 positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. The Motley Fool Australia has no position in any of the stocks mentioned. 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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