On Thursday, the S&P/ASX 200 Index (ASX: XJO) fought hard but ultimately fell short of recording another gain. The benchmark index dropped 0.3% to 7,384.5 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. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% lower this morning. This follows a poor night of trade on Wall Street, which late on sees the Dow Jones up 0.2%, but the S&P 500 down 0.2% and the Nasdaq down 1%.
ANZ rated as a buy
The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price remains in the buy zone according to the team at Bell Potter. In response to its $25 million civil penalty, the broker has retained its buy rating and $31.00 price target on the banking giant’s shares. While another penalty is disappointing, it notes that the bank is well-provisioned for it. Outside this, the broker like ANZ due to its huge opportunity from funding the decarbonisation transition.
Oil prices fall
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could end the week in the red after oil prices dropped. According to Bloomberg, the WTI crude oil price is down 1.6% to US$71.18 a barrel and the Brent crude oil price is down 1.6% to US$74.60 a barrel. Oil prices fell due to concerns about Omicron restrictions in Europe and China.
Annual general meetings
Fund manager Pendal Group Ltd (ASX: PDL) and investment house Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) will be on watch today when they hold their respective annual general meetings. Both companies could provide their shareholders with an update on their performances at their events.
Gold price falls
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a poor finish to the week after the gold price dropped. According to CNBC, the spot gold price is down 0.5% to US$1,775.10 an ounce. The gold price fell following some strong economic data out of the US.
The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of August 16th 2021
More reading
- Why did the AGL share price outperform the ASX 200 today?
- Could rumours over a Westpac (ASX:WBC) mega-merger ever become facts?
- Here are the top 10 ASX shares today
- Woodside (ASX:WPL) share price dips as company eyes east coast market
- Oil Search (ASX:OSH) share price dips despite PNG court approval of Santos (ASX:STO) merger
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 owns and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3oFHPlP
Leave a Reply