5 things to watch on the ASX 200 on Friday

On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form again and dropped into the red. The benchmark index fell 0.6% to 7,346.5 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 rebound

The Australian share market looks set to end the week on a very positive note following a good night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 55 points or 0.75% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.4%, the S&P 500 is up 0.75%, and the NASDAQ is up 1.25%.

Oil prices jump

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good finish to the week after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 2.2% to US$74.13 a barrel and the Brent crude oil price is up 1.6% to US$79.13 a barrel. Traders were buying oil after the International Energy Agency forecast strong growth in global oil demand.

BHP is a buy

Goldman Sachs believes that BHP Group Ltd (ASX: BHP) shares are in the buy zone despite a slightly weaker than expected quarterly update. In response to the update, the broker has retained its buy rating with a $49.40 price target. It said: “BHP reported a slightly weaker than expected Dec Q with copper and met coal production -6%/-9% vs. GSe but iron ore production/shipments of 72.7/70.3Mt were in-line with GSe.”

Gold price rises

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.7% to US$2,021 an ounce. Middle East tensions boosted demand for the safe haven asset.

Suncorp remains a buy

Suncorp Group Ltd (ASX: SUN) shares remain a buy according to Goldman Sachs. The broker has been running the rule over the insurance giant ahead of the release of its half year results next month and likes what it sees. As a result, it has retained its buy rating with a trimmed price target of $15.00. It said: “While the bank trends have seen some pressure, the trajectory for margins in the general insurance business remain strong and should see a strong 2H24 benefit / skew from positive rate v inflation jaws and with SUN operating in its target 10-12% range.”

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

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More reading

• Here are the top 10 ASX 200 shares today
• These ASX 200 shares just hit new 52-week highs
• Why these two headwinds are dragging down the ASX 200 today
• BHP shares tumble after missing expectations in second quarter
• ASX 200 shares: A once-a-decade opportunity to get rich?

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 Goldman Sachs Group. 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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