5 things to watch on the ASX 200 on Friday

Apr 18,2024
5 things to watch on the ASX 200 on Friday

On Thursday, the S&P/ASX 200 Index (ASX: XJO) finally returned to form and charged higher. The benchmark index rose 0.5% to 7,642.1 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:

The Australian share market looks set to end the week in the red following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 46 points or 0.6% lower this morning. In the United States, the Dow Jones was up 0.1%, the S&P 500 was down 0.2%, and the NASDAQ was down 0.5%.

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a subdued finish to the week after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is up slightly to US$82.74 a barrel and the Brent crude oil price is down 0.25% to US$87.08 a barrel. Easing tensions in the Middle East put pressure on oil prices.

The Pilbara Minerals Ltd (ASX: PLS) share price will be one to watch on Friday when the lithium giant releases its quarterly update. According to a note out of Goldman Sachs, its analysts expect Pilbara Minerals to report spodumene production of 173,000 tonnes. This will be down 1.7% quarter on quarter. It is also a touch short of the consensus estimate of 177,000 tonnes. Goldman is forecasting another sharp decline in the average realised spodumene price. For the three months, it is expecting an average price of US$869 per tonne. This is down 21.9% quarter on quarter.

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.3% to US$2,395.9 an ounce. Increased demand from central banks and for safe haven assets pushed gold higher.

Analysts at Bell Potter believe that Premier Investments Limited (ASX: PMV) shares are in the buy zone. Following a change of analyst, the broker has resumed coverage on the retail giant's shares with a buy rating and a $35.00 price target. It commented: "PMV is currently trading on ~14x FY26e P/E (BPe) which we think is conservative given the value that we see emerging from the potential demerger of PMV's two key brands, Smiggle and Peter Alexander which we believe are global roll-out worthy and highly profitable."