5 things to watch on the ASX 200 on Friday

Here’s what to expect on the ASX 200 on Friday…

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On Thursday the S&P/ASX 200 Index (ASX: XJO) was out of form again and sank lower. The benchmark index fell 0.6% to 7,381.9 points.

Will the market be able to bounce back from 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 34 points or 0.45%. This follows a largely positive night of trade on Wall Street, which late on sees the Dow Jones down 0.4%, but the S&P 500 up 0.2% and the Nasdaq up 0.7%.

Xero rated as a buy

The Xero Limited (ASX: XRO) share price pullback on Thursday is a buying opportunity according to analysts at Goldman Sachs. According to a note this morning, the broker has reiterated its buy rating but trimmed its price target on the cloud accounting company’s shares to $158.00. While Xero delivered a weaker than expected half year result, the broker remains positive on the future.

Oil prices edge higher

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could end the week on a positive note after oil prices edged higher. According to Bloomberg, the WTI crude oil price is up 0.15% to US$81.48 a barrel and the Brent crude oil price is up 0.2% to US$82.79 a barrel. This was despite OPEC cutting its oil demand forecast due to high prices.

Ramsay given buy rating

The Ramsay Health Care Limited (ASX: RHC) share price came under pressure yesterday following the release of its first quarter update. However, in response to the update, Goldman Sachs has retained its buy rating and $74.00 price target on the private hospital operator’s shares. The broker continues to highlight the company as one of the more attractive recovery trades across its coverage.

Gold price higher

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a good finish to the week after the gold price pushed higher. According to CNBC, the spot gold price is up 0.9% to US$1,864.6 an ounce. The gold price is closing in on a five-month high as inflation concerns boost appeal.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Xero. The Motley Fool Australia owns shares of and has recommended Xero. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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