On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a small gain. The benchmark index rose 0.25% to 7,259.5 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to start the week in the red following a mixed session on Wall Street on Friday night. According to the latest SPI futures, the ASX 200 is expected to open the day 9 points or 0.1% lower this morning. On Wall Street, the Dow Jones was up 0.45%, the S&P 500 fell slightly, and the NASDAQ dropped 0.5%.
Oil prices drop
ASX 200 energy shares 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 night. According to Bloomberg, the WTI crude oil price was down 2.1% to US$76.28 a barrel and the Brent crude oil price fell 2% to US$83.63 a barrel. Traders were selling oil due to concerns that soaring COVID cases in China could lessen demand.
Costa shares downgraded
The Costa Group Holdings Ltd (ASX: CGC) share price is fully valued according to analysts at Bell Potter. According to the note, the broker has downgraded the horticulture companyâs shares to a hold rating with an improved price target of $2.90. It commented: âWe downgrade our rating from Buy to Hold following the recent recovery in the share price.â
Gold price flat
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a subdued start to the week after the gold price traded flat on Friday. According to CNBC, the spot gold price was steady at US$1,754.93 an ounce during the session. A stronger US dollar put pressure on the precious metal.
Fletcher Building given buy rating
The Fletcher Building Limited (ASX: FBU) share price could be great value according to Goldman Sachs. This morning the broker initiated coverage on the building products company with a buy rating and $5.90 price target. While Goldman believes that key markets are at or near cyclical peaks, it believes “the share price captures the cyclical headwind (and more).”
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
- If you bought $20,000 worth of Fortescue shares this year, here’s how much dividend income you’d have
- Here are the top 10 ASX 200 shares today
- Why did ASX 200 retail shares lead the market to fresh 25-week highs today?
- Why is the Allkem share price diving 8% today?
- Here are the 3 most heavily traded ASX 200 shares on Friday
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 COSTA GRP FPO. 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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