On Friday the S&P/ASX 200 Index (ASX: XJO) finished a positive week on a disappointing note. The benchmark index fell 0.95% to 5,497 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to storm higher.
The ASX 200 looks set to start the week strongly. According to the latest SPI futures, the index is expected to open the day 65 points or 1.2% higher this morning. This follows a reasonably positive end to the week on Wall Street. The Dow Jones was flat, the S&P 500 rose 0.25%, and the Nasdaq pushed 0.4% higher.
Oil prices tumble lower.
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could start the week in the red after oil prices tumbled lower on Friday night. According to Bloomberg, the WTI crude oil price fell 2% to US$33.25 a barrel and the Brent crude oil price fell 2.6% to US$35.13 a barrel. Despite these declines, oil prices recorded their fourth consecutive week of gains.
Gold price pushes higher.
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could be on the rise today after the gold price pushed higher. According to CNBC, the spot gold price rose 0.9% to US$1,753.50 an ounce. Concerns over US-China tensions lifted demand for the precious metal.
Lynas U.S. update.
The Lynas Corporation Ltd (ASX: LYC) share price will be one to watch on Monday. On Friday the rare earths producer revealed doubts over its U.S. plans. Last month the U.S. Department of Defense announced that it intends to award a Phase I contract for a U.S. based Heavy Rare Earth separation facility to Lynas. However, there have been objections to its construction and Lynas understands that plans are now on hold while political issues are addressed.
Sydney Airport rated as a buy.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price could be on the move after analysts at Goldman Sachs reiterated their buy rating and $7.00 price target on the airport operator’s shares. This follows the company’s annual general meeting last week. It remains positive on valuation grounds and expects to see a staged recovery in passenger volumes over the medium term.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.
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