On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form and charged higher. The benchmark index rose 0.5% to 7,435.3 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 poised to rise
The Australian share market looks set to rise slightly on Friday despite another poor 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 in the United States, the Dow Jones is down 0.3%, the S&P 500 is down 0.2%, and the NASDAQ index is down 0.3%.
Oil prices higher
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good finish to the week after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$80.37 a barrel and the Brent crude oil price is up 1.5% to US$86.24 a barrel. Demand hopes boosted prices.
Pilbara Minerals quarterly
The Pilbara Minerals Ltd (ASX: PLS) share price will be on watch on Friday after the lithium giant released its quarterly update. For the three months, Pilbara Minerals reported a 10% quarter on quarter increase in production to 152,151 dry metric tonnes (dmt) and an 8% lift in shipments to 148,627 dmt. The company also recorded a sizeable 33% increase in the price of its lithium.
Gold price storms higher
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a strong finish to the week after the gold price charged higher overnight. According to CNBC, the spot gold price is up 1.3% to US$1,931.8 an ounce. Gold was boosted by demand for safe havens.
BHP rated neutral
The BHP Group Ltd (ASX: BHP) share price remains fully valued according to analysts at Goldman Sachs. This morning, the broker has retained its neutral rating with a slightly trimmed price target of $48.00. Although BHP delivered a “a relatively robust Dec Q operating result with better-than-expected iron ore, copper and met coal production and realised prices,â it isnât enough for a change of rating. Goldman notes that its price target for BHP âalready applies a sector high 6.5x target multiple.â
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
- Here are the 3 most heavily traded ASX 200 shares on Thursday
- Should I buy Woodside shares in 2023?
- How much profit will Pilbara Minerals shares make in 2023?
- Will Lake Resources become profitable in 2023?
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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