5 things to watch on the ASX 200 on Friday

Here’s what to expect on Friday…

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On Thursday the S&P/ASX 200 Index (ASX: XJO) had a mildly positive day and edged higher. The benchmark index rose 0.1% to 7,379.2 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 6 points or 0.1% higher. This follows a mixed night of trade on Wall Street, which late on sees the Dow Jones down 0.15%, but the S&P 500 up 0.3% and the Nasdaq up 0.2%.

Sonic rated neutral

The Sonic Healthcare Limited (ASX: SHL) share price stormed higher on Thursday after the release of a trading update. However, the team at Goldman Sachs believes this healthcare company’s shares are close to peaking. Goldman has put a neutral rating and $40.70 price target on Sonic’s shares. The broker expects “Covid-19 testing volumes to taper from peak through the coming quarters.”

Oil prices push 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 pushed higher. According to Bloomberg, the WTI crude oil price is up 1% to US$79.17 a barrel and the Brent crude oil price is up 1.3% to US$81.31 a barrel. This was despite news that China is readying a crude reserve release.

Gold price falls

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a difficult finish to the week after the gold price dropped. According to CNBC, the spot gold price is down 0.45% to US$1,861.7 an ounce. The gold price slipped after US jobs data strengthened rate hike bets.

Annual general meetings

A number of ASX 200 shares are holding their annual general meetings today and could provide updates at their events. This includes infection prevention company Nanosonics Ltd (ASX: NAN), data centre operator NEXTDC Ltd (ASX: NXT), and logistics solution platform provider WiseTech Global Ltd (ASX: WTC).

Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Nanosonics Limited and WiseTech Global. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited and WiseTech Global. The Motley Fool Australia has recommended Sonic Healthcare 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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