It was another wild ride for the S&P/ASX 200 Index (ASX: XJO) last week as the benchmark index edged 0.2% lower to 6,111.20 points. There were a number of ASX 200 shares under pressure as the August earnings season continued to surprise.
Here’s why I’m keeping an eye on Fortescue Metals Group Limited (ASX: FMG) and 2 more ASX 200 shares in the week ahead.
Why I’m watching Fortescue and 2 more ASX 200 shares
I think this could be a good week for the Fortescue share price. Fortescue is set to announce its full-year results on Monday and I’m hoping for a strong result.
Iron ore prices have been surging and fellow miner BHP Group Ltd (ASX: BHP) reported a solid result in its iron ore segment.
The Fortescue share price is up 66.9% this year but could break its current all-time high of $18.92 on the back of a strong annual report.
Other than Fortescue, I think the buy now, pay later (BNPL) industry is worth watching. Both Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are reporting their results on Thursday.
The Afterpay share price is certainly one to watch after the ASX 200 fintech share rocketed to a new all-time high of $82.00 last week.
Online retail sales have exploded during the coronavirus pandemic which has been good for Afterpay earnings. There are high expectations for the Aussie company in August but I’m hoping they can deliver this week.
Speaking of retail, the Scentre Group (ASX: SCG) share price is on my watchlist. The ASX 200 real estate investment trust (REIT) owns and operates Westfield shopping centres across Australia and New Zealand.
Unlike the online sector, bricks and mortar retail sales have been hit hard by COVID-19 restrictions. The Scentre share price has dropped 46.5% this year and is under pressure coming into the August earnings season.
I don’t have high expectations for strong funds from operations (FFO) or asset valuations. However, if Scentre management can chart a potential recovery and provide a strong growth outlook, the ASX 200 REIT share could be on the move.
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More reading
- Last week’s worst performing ASX shares
- Afterpay share price on watch after announcing European expansion
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- These ASX shares were top performers last week
- ASX 200 Weekly Wrap: Blue chips, earnings drag ASX lower
Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Scentre Group. 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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