5 things to watch on the ASX 200 on Friday

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

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On Thursday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.3% to 6,528.4 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 edge lower

The Australian share market looks set to open the day in the red.  According to the latest SPI futures, the ASX 200 is expected to open 10 points or 0.15% lower this morning. Though, it is worth noting that futures contracts may not yet have captured a late rally in the US, which saw the Dow Jones rise 0.65%, the S&P 500 climb 0.95%, and the Nasdaq jump 1.6%.

Oil prices fall

Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WPL) could have a poor finish to the week after oil prices dropped. According to Bloomberg, the WTI crude oil price is down 1.85% to US$104.22 a barrel and the Brent crude oil price is down 1.6% to US$109.93 a barrel. Fears that rising interest rates could hurt demand are being blamed for these declines.

TPG rated neutral

The TPG Telecom Ltd (ASX: TPG) share price could be close to being fully valued according to analysts at Goldman Sachs. In response to the telco’s investor day, the broker has retained its neutral rating with a $6.20 price target. Goldman notes that there is a “significant mobile opportunity in a rational market [but] higher interest drives EPS downgrades.”

Gold price drops

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a tough finish to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.6% to US$1,826.4 an ounce. Comments out of the US Fed relating to taming inflation weighed on the safe haven asset.

Westpac dividend being paid

Today is payday for Westpac Banking Corp (ASX: WBC) shareholders. This morning Australia’s oldest bank will be rewarding its shareholders with a fully franked 61 cents per share interim dividend. This is the equivalent of a 3% yield at current prices.

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 TPG Telecom Limited and Westpac Banking Corporation. 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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