On Friday the S&P/ASX 200 Index (ASX: XJO) was on form and finished a stunning week with a solid gain. The benchmark index rose 0.8% to 6,190.2 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to rise.
The Australian share market looks set to start the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.25% higher this morning. This is despite a mixed end to the week on Wall Street, which saw the Dow Jones fall 0.25%, the S&P 500 trade flat, and the Nasdaq edge ever so slightly higher. Despite the soft finish, the S&P 500 had its best week since April.
Biden wins the U.S. election.
Although Donald Trump has refused to concede the election and legal challenges are likely, Joe Biden has taken an unassailable lead in the race to the White House. In light of this, most major media outlets have declared Biden the winner and the new President-elect. Investors may now begin to construct their portfolios around his policies.
Oil prices sink lower.
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a tough start to the week after oil prices sank lower. According to Bloomberg, the WTI crude oil price fell 4.3% to US$37.14 a barrel and the Brent crude oil price dropped 3.6% to US$39.45 a barrel. Rising COVID-19 cases sparked demand fears.
Gold price pushes higher.
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch on Monday after the gold price pushed higher on Friday night. According to CNBC, the spot gold price climbed 0.25% to US$1,951.70 an ounce. This means the precious metal had its best week since July. This was driven by US dollar weakness and hopes for a larger coronavirus relief bill thanks to Joe Biden’s victory.
ANZ goes ex-dividend.
The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price could trade lower today when it goes ex-dividend for its final dividend. The banking giant will then be paying its fully franked 35 cents per share dividend to eligible shareholders in around five weeks on 16 December.
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More reading
- Here’s what a Joe Biden victory would mean for ASX shares
- The ASX 200 shares rocketing on takeovers, upgrades and low interest rates
- Here’s how much NAB (ASX:NAB)’s new dividend is worth
- Big 4 banks’ own customers don’t trust them
- 5 things to watch on the ASX 200 on Friday
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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