5 things to watch on the ASX 200 on Monday

On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week on a positive note. The benchmark index rose 0.45% to 6,678 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 with a gain after a mixed night on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.3% higher this morning. On Wall Street, the Dow Jones was down 0.15%, the S&P 500 fell 0.1%, and the Nasdaq climbed 0.1%.

Oil prices rise

Energy producers Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a decent start to the week after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price climbed 2% to US$104.79 a barrel and the Brent crude oil price climbed 2.3% to US$107.02 a barrel. This couldn’t stop oil prices recording a weekly decline amid recession fears.

Woolworths given conviction buy rating

The Woolworths Group Ltd (ASX: WOW) share price could be great value according to analysts at Goldman Sachs. This morning the broker reiterated its buy rating and added the retail giant’s shares to its conviction list with a $40.50 price target. Goldman commented: “WOW now has a higher upside of 10% (3rd highest in our consumer/retail coverage, but with clear catalysts to re-rating)”

Gold price edges higher

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a positive start to the week after the gold price edged higher on Friday night. According to CNBC, the spot gold price was up 0.15% to US$1,742.3 an ounce. Despite this, the gold prices recorded its fourth successive weekly decline.

Domino’s downgraded to sell

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price could have a tough day after being the subject of a bearish note out of Goldman Sachs. According to the release, the broker has downgraded the pizza chain operator’s shares to a sell rating and cut the price target on them to $59.20. Goldman believes consensus earnings estimates are too high because of potentially “lower earnings in Japan and Europe due to lower store growth and not being able to fully pass through cost-inflation.”

The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.

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More reading

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• How did Beach Energy shares pull off a 40% return in FY 2022?
• Here are the top 10 ASX shares today
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Why is the Santos share price glowing green at the end of the week?

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 Dominos Pizza Enterprises Limited. 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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