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5 things to watch on the ASX 200 on Friday

On Thursday the S&P/ASX 200 index had a positive day and pushed 0.3% higher to 6,501.8 points.

Will the local share market be able to build on this on Friday? Here are five things to watch:

ASX 200 expected to fall.    

The Australian share market looks set to end the week on a subdued note. According to the latest SPI futures, the ASX 200 index is due to open the day 15 points or 0.2% lower this morning following a mixed night of trade on Wall Street. Although the Dow Jones rose 0.2%, the S&P 500 index and the Nasdaq dropped 0.05% and 0.35%, respectively.

Costa Group results.

All eyes will be on the Costa Group Holdings Ltd (ASX: CGC) share price this morning when the horticulture company releases its full year results. Tough trading conditions and weak prices have led to the company cutting its guidance this year, putting significant pressure on its shares. If the company delivers a result in line with expectations and maintains is full year guidance, I suspect its shares could charge higher.

Oil prices fall.

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could trade lower today after oil prices pulled back. According to Bloomberg, the WTI crude oil price fell 0.5% to US$55.39 a barrel and the Brent crude oil price dropped 0.4% to US$60.05 a barrel. Oil prices slipped amid global growth concerns.

Wesfarmers pulls the plug on Lynas deal.

The Wesfarmers Ltd (ASX: WES) share price could be on the move today after a late announcement on Thursday revealed that the conglomerate wouldn’t be going ahead with its $1.5 billion acquisition of rare earths producer Lynas Corporation Ltd (ASX: LYC). Wesfarmers doesn’t appear to see value in the deal after a recent update by Lynas in relation to its Malaysian operations.

Gold price lower.

Gold producer such as Northern Star Resources Ltd (ASX: NST) and St Barbara Ltd (ASX: SBM) could end the week in the red after the gold price continued to slide. According to CNBC, the spot gold price dropped a further 0.5% to US$1,507.6 an ounce ahead of comments from the U.S. Federal Reserve.

Cannabis share rated as a buy.

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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 and has recommended COSTA GRP FPO and Wesfarmers 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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