5 things to watch on the ASX 200 on Friday

AMP Ltd (ASX:AMP) and Resolute Mining Limited (ASX:RSG) shares will be on watch on the ASX 200 on Friday. Here’s why…

| More on:
Worried young male investor watches financial charts on computer screen

Image source: Getty Images

On Thursday the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose almost 0.2% to 6,790.6 points.

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

ASX 200 expected to rise

The Australian share market looks set to end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 22 points or 0.3% higher this morning. This follows a positive night on Wall Street, which in late trade sees the Dow Jones up 0.4%, the S&P 500 up 0.4%, and the Nasdaq trading 0.1% higher.

AMP CEO remains

The AMP Ltd (ASX: AMP) share price will be on watch today after providing an update on its CEO. On Thursday there was speculation that Francesco De Ferrari had handed in his resignation, but this wasn’t the case. AMP commented that it “notes the media reports today and confirms that Francesco De Ferrari remains as Chief Executive Officer of the group.”

Oil prices sink

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) are likely to end the week deep in the red after oil prices sank lower overnight. According to Bloomberg, the WTI crude oil price is down 4.4% to US$58.49 a barrel and the Brent crude oil price has fallen 4% to US$61.82 a barrel. This is despite concerns that the Suez Canal blockage could take weeks to fix.

Gold price falls

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after a poor night of trade for the gold price. According to CNBC, the spot gold price is down 0.2% to US$1,729.20 an ounce. A strengthening US dollar weighed on the precious metal and offset lower bond yields.

Resolute rated as a buy

The Resolute Mining Limited (ASX: RSG) share price crashed lower on Thursday after announcing that the Ghanaian government has terminated the mining license of its Bibiani operation. Goldman Sachs believes this is a buying opportunity for investors and has retained its buy rating and $1.30 price target. It commented: “In our view, the current share price [47 cents] implies no value is being ascribed to any asset apart from Syama Sulphides, which we conservatively model at Reserves only. We retain our Buy rating.”

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

Motley Fool contributor James Mickleboro 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 Bruce Jackson.

More on Share Market News