5 things to watch on the ASX 200 on Friday

A man sitting at his dining table looks at his laptop and ponders the CSL balance sheet and the value of CSL shares today

A man sitting at his dining table looks at his laptop and ponders the CSL balance sheet and the value of CSL shares today

On Thursday, the S&P/ASX 200 Index (ASX: XJO) fought hard but fell jus short of positive territory. The benchmark index ended the day down just 3.8 points to 7,251.9 points.

Will the market be able to bounce back from this on Friday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set to end the week in a subdued fashion following a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 8 points or 0.1% lower this morning. In the United States, the Dow Jones was down 0.65% and the S&P 500 fell 0.2%, but the NASDAQ rose 0.2%.

REA third-quarter update

The REA Group Ltd (ASX: REA) share price will be one to watch today when the real estate listings company releases its third-quarter update. Expectations are high for the realestate.com.au operator. Commenting on the second half, Citi said: “[We] expect REA to deliver double digit yield growth in 2H23e/FY24e and flex its cost base if conditions are weaker than expected.”

Oil prices fall

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1.6% to US$71.39 a barrel and the Brent crude oil price is down 1.3% to US$75.38 a barrel. Concerns over the potential for an unprecedented US debt default weighed on sentiment.

Gold price drops

Gold shares Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could also have a poor finish to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.8% to US$2,021 an ounce. A stronger US dollar weighed on the gold price.

Allkem shares downgraded to hold

Allkem Ltd (ASX: AKE) shares may be fully valued now after yesterday’s stunning gain. That’s the view of analysts at Morgans, which have downgraded the lithium miner’s shares to a hold rating with a $14.40 price target. The broker said: “We reduce our rating to HOLD given the extremely strong share price reaction. We think the deal makes sense for AKE but there is limited fundamental upside given today’s rally.”

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 Allkem. 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 REA Group. 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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