5 things to watch on the ASX 200 on Friday

On Thursday, the S&P/ASX 200 Index (ASX: XJO) recovered from a shaky started to record a decent gain. The benchmark index rose 0.5% to 7,698.7 points.

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

ASX 200 expected to edge higher

The Australian share market looks set to end the week in a positive fashion following a decent night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 8 points or 0.1% higher this morning. In late trade on Wall Street, the Dow Jones is down slightly, the S&P 500 is up 0.3%, and the NASDAQ is up 0.5%.

Oil prices soften

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a subdued finish to the week after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down 0.3% to US$78.25 a barrel and the Brent crude oil price is down slightly to US$83.66 a barrel. Higher than expected US inventories has put pressure on prices.

Life360 results

The Life360 Inc (ASX: 360) share price will be on watch on Friday when the location technology company releases its FY 2023 results. Goldman Sachs is forecasting subscription revenue of US$221.7 million for the year, which represents annual growth of 51%. EBITDA is expected to come in at US$15.9 million, which is the top end of Life360’s guidance range of US$12 million to US$16 million.

Gold price rises

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good session after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.5% to US$2,054.6 an ounce. Gold hit a one-month high after US inflation data came in line with expectations.

Xero remains a buy

Xero Ltd (ASX: XRO) shares are a top buy according to Goldman Sachs. In response to its investor day event, the broker has reiterated its buy rating on the cloud accounting platform provider’s shares with an improved price target of $152.00. This implies almost 20% upside for investors over the next 12 months.

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
• 2 ASX energy shares going gangbusters on today’s earnings results
• Xero share price falls despite strategy update and new AI solution
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX 200 shares today

Motley Fool contributor James Mickleboro has positions in Life360 and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Life360, and Xero. The Motley Fool Australia has positions in and has recommended Xero. 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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