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 deep into the red. The benchmark index fell 1% to 6,817.5 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 fall

The Australian share market looks set to end the week in a subdued fashion after a volatile night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 20 points or 0.3% lower this morning. In late trade in the United States, the Dow Jones is down 0.5%, the S&P 500 has fallen 1%, and the Nasdaq has dropped 0.85% higher. US markets were up around 1.5% at one stage.

Oil prices rise

Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent finish to the week after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price is up 0.2% to US$85.71 a barrel and the Brent crude oil price is up 0.2% to US$92.61 a barrel. News that China could ease COVID restrictions boosted prices.

TechnologyOne rated as a buy

The team at Bell Potter remains bullish on the TechnologyOne Ltd (ASX: TNE) share price. This morning the broker has reiterated its buy rating and $14.25 price target on the enterprise software provider. It is expecting a strong full year result next month to get its shares heading higher again.

Allkem quarterly update

The Allkem Ltd (ASX: AKE) share price will be one to watch today when the lithium miner releases its quarterly update. Investors will no doubt be keen to see if lithium prices are continuing to rise. The market may also be looking to see if cost inflation has impacted Allkem’s performance during the quarter.

Gold price edges lower

Gold miners including Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a poor end to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.1% to US$1,632.70 an ounce. The precious metal dropped after US Treasury yields pushed higher.

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
• Why did ASX 200 gold shares have a meltdown today?
• ‘Share market falls are normal’: Here’s how to make the most of them
• Why Challenger, Novonix, Piedmont Lithium, and Woodside shares are racing higher
• Is AGL really an ASX 200 ‘business with huge, huge upside for shareholders’?

Motley Fool contributor James Mickleboro has positions in Allkem Limited. 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 recommended TechnologyOne Limited. 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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