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) fought hard and was able to record a small gain. The benchmark index rose 0.15% to 7,342.4 points.

Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to jump

The Australian share market looks set to end the week in a very positive fashion. According to the latest SPI futures, the ASX 200 is expected to open the day 106 points or 1.6% higher this morning. This is despite further weakness on Wall Street, which late on sees the Dow Jones down 0.2%, the S&P 500 down 0.6%, and the Nasdaq dropping 1.1%. It is worth noting, however, that the US market and the SPI futures have been swinging wildly and all this could change come opening time.

ResMed Q2 update

The ResMed Inc. (ASX: RMD) share price will be on watch today when it releases its second quarter update. The sleep treatment focused medical device company is expected to deliver a strong result thanks partly to rival Philips dealing with a major 5 million+ CPAP device recall. The big question will be how much supply chain constraints limited its growth.

Oil prices fall

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch today following a poor night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.45% to US$86.97 a barrel and the Brent crude oil price is down 0.4% to US$89.63 a barrel. Oil prices softened as traders took profit after prices hit seven-year highs.

Gold price tumbles

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a subdued finish to the week after the gold price dropped. According to CNBC, the spot gold price is down 1.9% to US$1,794.40 an ounce. The precious metal came under pressure after the US Federal Reserve’s hawkish comments spooked traders and boosted the US dollar.

Premier Investments a sell

The Premier Investments Limited (ASX: PMV) share price is overvalued according to analysts at Goldman Sachs. Although the retailer delivered a half year trading update ahead of the market’s expectations (even after adjusting for rent abatements), it isn’t enough for a change of rating. Goldman said the update did not ease its longer term concerns. As a result, it has retained its sell rating with a $23.60 price target.

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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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Premier Investments Limited and ResMed Inc. 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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