On Thursday the S&P/ASX 200 Index (ASX: XJO) continued its positive run and stormed higher again. The benchmark index ended the day 0.85% higher at 5,991.8 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to drop.
It looks set to be a subdued end to the week for the ASX 200 index. According to the latest SPI futures, the benchmark index is poised to fall 13 points or 0.2% at the open. This follows a mixed night of trade on Wall Street, which saw the Dow Jones rise 0.05%, the S&P 500 fall 0.35%, and the Nasdaq index drop 0.7%.
Appen insider sales.
The Appen Ltd (ASX: APX) share price will be on watch today after the artificial intelligence company revealed large insider sales. Non-Executive Chairman, Chris Vonwiller, sold 2 million Appen shares on-market. This was for a number of personal reasons, including philanthropic endeavours. The company’s CEO and Managing Director, Mark Brayan, has also been selling shares. He sold 95,535 shares to satisfy tax obligations and diversify personal investments. Finally, Non-Executive Director, Bill Pulver, sold 275,000 shares to diversify personal investments.
Oil prices edge higher.
Energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices edged higher. According to Bloomberg, the WTI crude oil price is up 0.1% to US$37.32 a barrel and the Brent crude oil price has risen 0.4% to US$39.95 a barrel. Traders appear optimistic that OPEC will announce further product cuts.
Gold price rebounds.
It could be a good day for Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) after traders were back buying gold again overnight. According to CNBC, the spot gold price is up 0.9% to US$1,720.30 an ounce. Trader were buying gold after Wall Street’s rally started to fizzle.
Vocus rated as a buy.
The Vocus Group Ltd (ASX: VOC) share price could be going higher from here according to analysts at Goldman Sachs. This morning the broker reiterated its buy rating and $3.85 price target on the company’s shares after it reaffirmed its guidance for FY 2020. Goldman notes that this guidance update has de-risked its positive investment view.
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More reading
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- Top brokers just upgraded these 3 ASX 200 stocks to buy
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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