5 Must-Watch Stocks on ASX 200 for Friday, February 6, 2026

Rowan Ashford

Published: February 5, 2026 6:34 PM ET

The S&P/ASX 200 Index saw a decline recently, indicating potential challenges for investors. On Thursday, February 5, 2026, the index dropped by 0.4%, closing at 8,889.2 points. Financial analysts are observing the market closely as it heads toward Friday.

5 Must-Watch Stocks on ASX 200 for Friday, February 6, 2026

With market conditions appearing shaky, here are five key stocks to monitor as trading resumes on Friday:

1. Market Outlook

The Australian share market is anticipated to open lower on Friday. Current SPI futures forecasts a dip of 71 points, translating to a 0.8% decrease. This prediction follows a negative performance on Wall Street, where major indices reported substantial losses.

Dow Jones: down 1%
S&P 500: down 1.05%
Nasdaq: down 1.4%

2. Energy Sector Concerns

Stocks in the energy sector, particularly Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS), face potential struggles. This is largely due to falling oil prices:

WTI Crude: down 3.1%, at US$63.11 per barrel
Brent Crude: down 3%, at US$67.37 per barrel

This decline results from easing conflict concerns between Iran and the United States, prompting significant market reactions.

3. Rio Tinto and Glencore Merger Talks End

Rio Tinto Ltd (ASX: RIO) will be under scrutiny after the company announced the termination of its merger discussions with Glencore (LSE: GLEN). In a statement, Rio Tinto emphasized its commitment to shareholder value, stating a merger was not viable.

4. Gold Prices Decline

Stocks such as Evolution Mining Ltd (ASX: EVN) and Newmont Corporation (ASX: NEM) might experience volatility as gold prices fell significantly overnight. The latest reports indicate that:

Gold futures price dropped by 1.9%, settling at US$4,856 per ounce

This decline follows a brief recovery, reflecting ongoing fluctuations in the precious metals market.

5. Beach Energy Performance

Beach Energy Ltd (ASX: BPT) shares are deemed fully valued by analysts at Bell Potter. Following the company’s half-year results, the broker maintained a hold rating and increased its price target to $1.15. Analysts believe that BPT is transitioning through a production replacement phase, with expectations for growth in FY27.

Additionally, the firm remains optimistic about BPT’s position in the Australian east coast gas markets, which represent about half of its sales volume.

As investors navigate these challenges, keeping an eye on these five stocks may be pivotal for making informed decisions in the ASX 200 landscape.