On Friday, the S&P/ASX 200 Index (ASX: XJO) finished another difficult week with a day in the red. The benchmark index sank 1.2% to 6,474.2 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to start the week with a small gain. This is despite another selloff on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points or 0.1% higher this morning. On Wall Street, the Dow Jones was down 1.7%, the S&P 500 dropped 1.5%, and the NASDAQ also tumbled 1.5%.
Oil prices tumble
Energy producers such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a tough start to the week after oil prices tumbled on Friday. According to Bloomberg, the WTI crude oil price was down 2.15% to US$79.49 a barrel and the Brent crude oil price dropped 2.35% to US$85.15 a barrel. The deteriorating crude demand outlook weighed on prices.
Ramsay rated neutral
The Ramsay Health Care Limited (ASX: RHC) share price fell heavily in September after the private hospital operator’s takeover collapsed. However, the team at Goldman Sachs only believe that this leaves it trading at fair value. This morning the broker resumed coverage on the company with a neutral rating and $59.00 price target. Goldman notes that its “performance recovery [is] still impacted by Covid but with green shoots.”
Gold price rises
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a decent start to the week after the gold price edged higher. According to CNBC, the spot gold price was up 0.2% to US$1,672 an ounce on Friday night. However, this couldn’t stop the precious metal from having its worst quarter since March 2021.
Telstra rated neutral
Goldman Sachs is also sitting on the fence with the Telstra Corporation Ltd (ASX: TLS) share price following an update from the ACCC on the telco giant’s proposed agreement with TPG Telecom Ltd (ASX: TPG). The broker said: “We see slightly more uncertainty in the outcome of the MOCN agreement given balanced views expressed by the ACCC today.” Goldman has a neutral rating and $4.40 price target on Telstra’s shares.
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
- These were the worst performers on the ASX 200 in September
- Here are the top 10 ASX 200 shares today
- In a sea of red, why are ASX 200 gold shares shining brightly on Friday?
- Brokers name 3 ASX shares to buy today
- ASX 200 dividend shares suffer September sell-off
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 positions in and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Ramsay Health Care 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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