5 things to watch on the ASX 200 on Friday

It looks set to be a red finish to the week for Aussie investors.

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On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a day to remember after softer-than-expected US inflation put a rocket under the share market. The benchmark index rose 1.65% to 7,881.3 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 poised to fall

The Australian share market looks set to end the week in the red following a subdued session on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 35 points or 0.45% lower this morning. On Wall Street, the Dow Jones was down 0.1%, the S&P 500 fell 0.2%, and the NASDAQ was 0.25% lower. The Dow Jones briefly hit 40,000 points for the first time before giving back its gains.

Oil prices rise

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good finish to the week after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price is up 0.8% to US$79.60 a barrel, and the Brent crude oil price is up 0.7% to US$84.19 a barrel. Traders have been bidding oil higher in response to falling US inventories and signs that inflation is easing.

Buy Graincorp shares

The Graincorp Ltd (ASX: GNC) share price could be good value according to analysts at Bell Potter. In response to the grain exporter's half-year results, the broker has reaffirmed its buy rating with an improved price target of $9.50. This implies a potential upside of almost 17% for investors. In addition, the broker expects a 3.9% dividend yield from its shares. Commenting on the result, it said: "GNC reported a 1H24 underlying NPAT modestly ahead of our expectations at $56.5m (BPe $54.8m)."

Gold price falls

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor finish to the week after the gold price tumbled overnight. According to CNBC, the spot gold price is down 0.45% to US$2,383.8 an ounce. This may have been driven by profit-taking following a strong gain this week.

Incitec Pivots shares are a buy

Incitec Pivot Ltd (ASX: IPL) shares can keep climbing according to analysts at Goldman Sachs. In response to its well-received half-year results, the broker has reaffirmed its buy rating on the fertiliser and commercial explosives company's shares with an improved price target of $3.35. It commented: "Solid APAC pricing momentum, Fertiliser sale process ongoing & Transformational program flagged."

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. The Motley Fool Australia has no position in any of the stocks mentioned. 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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