5 things to watch on the ASX 200 on Friday

It looks set to be another good day for Aussie investors.

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On Thursday, the S&P/ASX 200 Index (ASX: XJO) had one of its best days of the year. The benchmark index raced 1.65% higher to 7,377.9 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 rise

The Australian share market looks set to end the week on a positive note despite a mixed session on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 36 points or 0.5% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.2%, the S&P 500 is up 0.1%, and the NASDAQ is down 0.15%.

Oil prices charge higher

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a great finish to the week after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 3.3% to US$71.76 a barrel and the Brent crude oil price is up 3.3% to US$76.73 a barrel. A weaker US dollar and an improved 2024 demand outlook boosted prices.

Orora named as a buy

The Orora Ltd (ASX: ORA) share price could be in the buy zone according to analysts at Goldman Sachs. In response to the packaging company's trading update, the broker has retained its buy rating and $3.55 price target on its shares. This implies a potential upside of approximately 35% for investors from current levels.

Gold price continues to rise

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 2.5% to US$2,047.7 an ounce. Potential rate cuts in the US in 2024 have given gold a lift.

Dividend payday

A number of ASX 200 shares will be paying out their latest dividends today. This includes banking giant National Australia Bank Ltd (ASX: NAB), agricultural chemicals company Nufarm Ltd (ASX: NUF), and enterprise software provider TechnologyOne Ltd (ASX: TNE). NAB will also be holding its annual general meeting today.

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 Goldman Sachs Group and Technology One. The Motley Fool Australia has recommended Orora and Technology One. 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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