5 things to watch on the ASX 200 on Friday

The ASX 200 is expected to end the week (and month) on a positive note.

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On Thursday, the S&P/ASX 200 Index (ASX: XJO) fought hard but fell just short of positive territory. The benchmark index fell 5.5 points to 7,024.8 points.

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

ASX 200 expected to rebound

The Australian share market looks set to end the week on a positive note following a good session on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 40 points or 0.6% higher this morning. In the United States, the Dow Jones was up 0.35%, the S&P 500 rose 0.6%, and the NASDAQ climbed 0.8%.

Oil prices fall

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 2.1% to US$91.74 a barrel and the Brent crude oil price is down 1.45% to US$95.14 a barrel. Traders were taking profit after oil prices hit their highest levels of the year.

Sell Premier Investments shares

Premier Investments Limited (ASX: PMV) shares are overvalued according to analysts at Goldman Sachs. In response to the retailer's FY 2023 results, the broker has reiterated its sell rating with a $21.50 price target. It said: "Premier Investments remains exposed to discretionary consumption categories including those like sleepwear which were COVID beneficiaries. We believe this has not been priced in by the recent share price de-rating and expect further margin pressures."

Gold price falls again

ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) could have a poor finish to the week after the gold price fell again overnight. According to CNBC, the spot gold price is down 0.4% to US$1,883.3 an ounce. Higher for longer interest rate expectations are weighing on the precious metal.

Buy the Brickworks dip

The team at Bell Potter believes that investors should be buying Brickworks Limited (ASX: BKW) shares following a selloff on Thursday. The broker has responded to the company's FY 2023 results by retaining its buy rating with a trimmed price target of $28.50. It said: "BKW is currently trading at levels consistent with a ~20% depression correction of its property trust value, which we continue to see as excessive."

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 positions in and has recommended Brickworks and Goldman Sachs Group. The Motley Fool Australia has positions in and has recommended Brickworks. The Motley Fool Australia has recommended Premier Investments. 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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