5 things to watch on the ASX 200 on Friday

On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.4% to 7,969points.

Will the market be able to bounce back from this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to edge higher

The Australian share market looks set to edge higher 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 4 points or 0.05% higher this morning. In late trade on Wall Street, the Dow Jones is down 0.2%, the S&P 500 is down 0.05%, and the Nasdaq is 0.1% lower.

Oil prices rise

ASX 200 energy shares including Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) could have a decent session after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price is up 0.3% to US$69.88 a barrel and the Brent crude oil price is up 0.3% to US$74.00 a barrel. Oil prices hit a one-month high on supply concerns.

Buy Pro Medicus shares

Bell Potter thinks investors should be snapping up Pro Medicus Limited (ASX: PME) shares while they are down. This morning, the broker has retained its buy rating on the health imaging technology company's shares with a trimmed price target of $280.00. This implies potential upside of over 30% for investors from current levels.

Gold price jumps

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good finish to the week after the gold price jumped overnight. According to CNBC, the gold futures price is up 1.5% to US$3,069.1 an ounce. The gold price hit a record high on trade tariff concerns.

Wesfarmers named as a buy

Analysts at Goldman Sachs remain positive on Wesfarmers Ltd (ASX: WES) shares and have named them as a buy with a $80.40 price target. According to the note, the broker was pleased with the company's Bunnings strategy day event. It said: "We attended the WES Bunnings Strategy Day in Melbourne on March 27. We walked away from the Strategy Day feeling positive that Bunnings will continue to deliver in line with our Buy thesis with continued market share gain via active category and range management to drive sales and GP productivity higher."

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 Pro Medicus. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Wesfarmers. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has recommended Pro Medicus and Wesfarmers. 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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