On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in the red. The benchmark index fell 0.6% to 7,110.8 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market looks set to start the week on a positive note despite a poor finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 28 points or 0.4% higher this morning. On Wall Street, the Dow Jones fell 0.5%, the S&P 500 dropped 0.8%, and the Nasdaq tumbled 1.7%.
Oil prices rise again
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a great start to the week after oil prices surged higher again. According to Bloomberg, the WTI crude oil price jumped 7.5% to US$115.68 a barrel and the Brent crude oil price rose 6.9% to US$118.11 a barrel. Supply concerns are supporting prices.
ASX 200 quarterly rebalance
After the market close on Friday, S&P Dow Jones Indices announced changes to the ASX 200 at the next rebalance. These changes will see Mesoblast limited (ASX: MSB), SKYCITY Entertainment Group Limited (ASX: SKC), Spark New Zealand Ltd (ASX: SPK), and Unibail-Rodamco-Westfield (ASX: URW) dumped out of the index on 22 March.
Gold price up again
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price pushed higher on Friday night. According to CNBC, the spot gold price rose 1.6% to US$1,966.6 an ounce. The gold price added 4.1% over the week thanks to increased demand for safe haven assets.
Blackmores downgraded to sell
The Blackmores Limited (ASX: BKL) share price could come under pressure today. This follows news that Goldman Sachs has downgraded the health supplements company’s shares to a sell rating with a $75.20 price target. The broker believes that the need for reinvestment will suppress the company’s near-term earnings.
The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Blackmores Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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