On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form and charged higher. The benchmark index rose 0.5% to 8,891.8 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 for a decent session on Friday despite a poor night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open 26 points or 0.3% higher this morning. On Wall Street, the Dow Jones was down 0.25%, the S&P 500 fell 0.3%, and the Nasdaq sank 1.4%.
Oil prices ease
ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) will be on watch today after a subdued night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.35% to US$102.42 a barrel and the Brent crude oil price is down 0.15% to US$115.18 a barrel. Renewed US-Iran peace efforts were behind the decline.
Hold Woolworths shares
The team at Morgans thinks Woolworths Group Ltd (ASX: WOW) shares are fully valued. In response to its first-quarter update, the broker has downgraded the supermarket operator's shares to a hold rating with a $43.55 price target. It said: "In our view, while trading conditions remain challenging in NZ Food and BIG W, the core Australian Food business (~88% of group EBIT) continues to perform well, supported by improved execution and sustained sales growth ahead of the market. While we expect this momentum to continue, WOW is now trading on 28x FY27F PE with a yield of 2.7%. As a result, we see limited upside from current levels, with the valuation largely reflecting the growth outlook. We downgrade our rating to HOLD from ACCUMULATE."
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Newmont Corporation (ASX: NEM) could have a soft finish to the week after the gold price dropped overnight. According to CNBC, the gold futures price is down 0.5% to US$4,032.4 an ounce. This was driven by US inflation data, which has led to increased rate hike bets.
Coles Q1 update
Coles Group Ltd (ASX: COL) shares will be in focus on Friday when the supermarket giant releases its first-quarter sales update. According to a note out of UBS, its analysts are expecting Coles to report a 3% increase in total sales to $11.29 billion. This is expected to be driven by strong Food sales, which will be offset partially by weakness in the Liquor segment. UBS expects Liquor sales to fall 2.1% to $824 million.
The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Woodside Energy Group Ltd and Woolworths Group. 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 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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