5 things to watch on the ASX 200 on Friday

On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.2% to 7,713.6 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 poised to sink

The Australian share market looks set to end the week deep in the red following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 76 points or 1% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.6%, the S&P 500 is down 0.55%, and the NASDAQ is down 0.55%.

Oil prices rise again

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good finish to the week after oil prices rose again overnight. According to Bloomberg, the WTI crude oil price is up 1.6% to US$81.03 a barrel and the Brent crude oil price is up 1.3% to US$85.16 a barrel. This has been driven by attacks on Russian refineries.

Bega Cheese named as a buy

The Bega Cheese Ltd (ASX: BGA) share price could be good value according to analysts at Bell Potter. This morning, the broker reaffirmed its buy rating and $5.00 price target on the diversified food company’s shares. It notes that its shares are “still trading at a material discount to its historical 1yr FWD EV/EBITDA multiple of 12.3x, trading at 11.4x FY24e and 9.9x FY25e. These also represent a material discount to global dairy (12.7x) and FMCG (12.4x) peers.”

Gold price edges lower

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor session after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.65% to US$2,166.5 an ounce. Rate cut doubts weighed on the precious metal.

Tabcorp CEO

Tabcorp Holdings Ltd (ASX: TAH) shares will be on watch on Friday after the gambling company announced the exit of its CEO, Adam Rytenskild. The follows claims of “inappropriate and offensive language used by Mr Rytenskild in the workplace.” The outgoing CEO said that he didn’t “recall making the alleged comment.”

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 no position in any of the stocks mentioned. 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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