On Thursday the S&P/ASX 200 index started the year on a mildly positive note. The benchmark index rose 0.1% to 6,690.6 points.
Will the local share market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to storm higher.
The S&P/ASX 200 index is poised to follow the lead of U.S. markets and storm higher on Friday. According to the latest SPI futures, the ASX 200 is poised to open the day 0.9% or 58 points higher this morning. In late trade on Wall Street the Dow Jones is up 0.8%, the S&P 500 has climbed 0.5% higher, and the Nasdaq index has surged 1% higher.
Tech shares on watch.
It looks set to be a good day of trade for Australian tech shares such as Appen Ltd (ASX: APX) and Nearmap Ltd (ASX: NEA) after a strong night of trade for the technology-focused Nasdaq index. The local tech sector has a tendency to follow the lead of their U.S. counterparts. Overnight the Nasdaq stormed 1% higher.
Oil prices rise.
Energy shares including Beach Energy Ltd (ASX: BOT) and Oil Search Limited (ASX: OSH) could be on the move today after oil prices pushed higher. According to Bloomberg, the WTI crude oil price rose 0.2% to US$61.18 a barrel and the Brent crude oil price climbed 0.4% to US$66.26 a barrel. Oil prices were boosted by trade hopes.
Gold price pushes higher.
Resolute Mining Limited (ASX: RSG), St Barbara Ltd (ASX: SBM), and the rest of Australia’s leading gold miners could push higher on Friday after the spot gold price hit a three-month high. According to CNBC, the spot gold price climbed 0.4% to US$1,529.2 an ounce. This was driven by doubts over the share market rally.
Iron ore jumps.
The likes of BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) could be on the rise today after iron ore prices jumped. The price of the steel making ingredient jumped 2.1% to US$94.05 a tonne according to the AFR.
The post 5 things to watch on the ASX 200 on Friday appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020