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5 things to watch on the ASX on Friday

On Thursday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) continued its disappointing run and fell a sizeable 0.8% to 6,128.7 points.

Will the market be able to bounce back to finish the week on a high? Here are five things to watch:

ASX futures pointing higher.

The Australian share market looks set to bounce back from yesterday’s heavy decline with a push higher this morning. According to the latest SPI futures, the market is expected to open the day 0.44% or 27 points higher on Friday. This follows a positive night of trade on Wall Street which saw the Dow Jones Industrial Average rise 0.6%, the S&P 500 climb 0.5%, and the Nasdaq storm 0.75% higher.

Oil prices pull back.

The strong run in oil prices came to an end overnight and could potentially weigh on the shares of Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) today. According to Bloomberg, the WTI crude oil price fell 2.2% to US$68.81 a barrel and the Brent crude oil price dropped 1.7% to US$78.38 a barrel. Concerns that emerging market crises and trade disputes could dent demand led to the selloff.

Shares going ex-dividend.

More shares are due to go ex-dividend this morning. These include global defence contractor Austal Limited (ASX: ASB), adventure tourism company Experience Co Ltd (ASX: EXP), fashion retailer Noni B Limited (ASX: NBL), and healthcare and aged care service provider Paragon Care Ltd (ASX: PGC).

IOOF Holdings to sell Corporate Trust business.

A late announcement on Thursday reveals that IOOF Holdings Limited (ASX: IFL) has agreed to sell its AET Corporate Trust business to Sargon Capital for a total purchase consideration of $51.6 million. This appears to be a good deal for IOOF as AET Corporate Trust’s post-tax contribution to its underlying net profit after tax for the year to June 30 2018 was just $1.1 million. Management expects the deal to complete at the end of October.

Mining giants push higher again.

Thanks largely to a lift in iron ore and copper prices, the US-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) rose again overnight. The NYSE-listed shares of BHP climbed 0.5% and Rio’s NYSE-listed shares climbed 0.3% higher.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of EXPERNCECO FPO. The Motley Fool Australia has recommended Paragon Care Limited. 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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