5 things to watch on the ASX 200 on Friday

On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form again and stormed higher. The benchmark index rose 0.9% to 9,086.2 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 fall

The Australian share market looks set to tumble on Friday following a poor night in the United States. According to the latest SPI futures, the ASX 200 is expected to open 52 points or 0.55% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.8%, the S&P 500 is down 0.6%, and the Nasdaq is down 0.7%.

Oil prices charge higher

It could be a good finish to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 2% to US$66.47 a barrel and the Brent crude oil price is up 1.9% to US$71.69 a barrel. This was driven by news that Donald Trump will decide whether to attack Iran within the next 10 days.

Rio Tinto results

Rio Tinto Ltd (ASX: RIO) shares will be on watch on Friday after the mining giant released its full-year results. The company reported a 9% increase in underlying EBITDA to US$25.36 billion. However, underlying earnings were flat at US$10.87 billion, which led to the Rio Tinto board holding its total dividends at US$4.02 per share. Rio Tinto’s chief executive, Simon Trott, said: “Our solid financial results demonstrate clear progress as we embed our stronger, sharper and simpler way of working. We achieved an 8% uplift in CuEq production driven by the ongoing ramp-up of the Oyu Tolgoi underground copper mine and record iron ore production since April from our Pilbara operations.” This result was short of consensus estimates, which could put pressure on Rio Tinto shares today.

Gold price eases

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Newmont Corporation (ASX: NEM) could have a subdued finish to the week after the gold price edged lower overnight. According to CNBC, the gold futures price is down slightly to US$5,006.7 an ounce. Traders appear to be waiting for further developments between the US and Iran.

Buy Goodman shares

Goodman Group (ASX: GMG) shares are good value according to analysts at Bell Potter. This morning, the broker has retained its buy rating on the industrial property giant’s shares with a trimmed price target of $36.45 (from $37.40). It said: “We think today’s share price reaction reflects the lack of earnings upgrade which has featured at the 1H result in 8 of the last 10 years. While we remain constructive on GMG’s building DC pipeline (now 73% of WIP vs. 46% pcp) which requires extended timeframes and capital vs. industrial, the market is looking for further milestones particularly regarding tenant customer signings and clarity on profit-realising milestones to track delivery progress.”

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

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• Why are Goodman shares sinking 7% today?

Motley Fool contributor James Mickleboro has positions in Goodman Group and Woodside Energy Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.