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5 things to watch on the ASX 200 on Friday

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On Thursday the S&P/ASX 200 Index (ASX: XJO) was on form and charged notably higher once again. The benchmark index rose 1.1% to 6,102 points.

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

ASX 200 expected to rise again.

The ASX 200 index could end a spectacular week with another gain on Friday. According to the latest SPI futures, the benchmark index is expected to rise 14 points or 0.25% at the open. This follows another positive night of trade on Wall Street. In late trade the Dow Jones is up 0.4%, the S&P 500 is 0.8% higher, and the Nasdaq has risen 0.5%. The Dow Jones is now trading at its highest level in over a month.

Oil prices storm higher.

It could be a good day for energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 3.2% to US$41.23 a barrel and the Brent crude oil price is up 3.35% to US$43.48 a barrel. Disruption from a storm in the Gulf of Mexico and strikes in Norway have hit supply and sent prices charging higher.

Gold price pushes higher.

Gold miners Newcrest Mining Limited (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price pushed higher. According to CNBC, the spot gold price has climbed 0.35% to US$1,897.50 an ounce. Traders were buying gold amid election uncertainty.

Domino’s on watch.

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price will be on watch today after its U.S. parent sank lower overnight following the release of its latest quarterly update. However, while the US pizza giant’s earnings fell short of the market’s expectations, it did surprise to the upside with its international operations. Domino’s Pizza Inc reported International same store sales of 6.2%, compared to consensus estimates of 1.9%. This could be good news for the locally listed Domino’s.

Platinum update.

The Platinum Asset Management Ltd (ASX: PTM) share price could come under pressure today after the fund manager revealed further fund outflows during September. Platinum’s funds under management fell almost 1% since the end of August to $21,472 million. As a comparison, earlier this week rival Magellan Financial Group Ltd (ASX: MFG) revealed further strong fund inflows during the month of September.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Domino's Pizza Enterprises 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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