5 things to watch on the ASX 200 on Monday

A woman looks in anticipation at her laptop, watching eagerly.

A woman looks in anticipation at her laptop, watching eagerly.

On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week on a positive note. The benchmark index rose 0.4% to 6,994.8 points.

Will the market be able to build on this on Monday? Here are five things to watch:

ASX 200 expected to sink

The Australian share market looks set to start the week in the red following a poor finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 98 points or 1.4% lower this morning. On Wall Street, the Dow Jones was down 1.2%, the S&P 500 fell 1.1%, and the NASDAQ dropped 0.75%.

Oil prices fall again

Energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a difficult start to the week after oil prices fell again on Friday. According to Bloomberg, the WTI crude oil price was down 2.35% to US$66.74 a barrel and the Brent crude oil price fell 2.3% to US$72.97 a barrel. This meant that oil prices shed US$10 a barrel over the space of the week.

Life360 shares are a buy

Life360 Inc (ASX: 360) shares could offer major upside according to analysts at Goldman Sachs. This morning, the broker has reiterated its buy rating on this location technology company’s shares with a buy rating and $7.85 price target. Commenting on Life360, which joins the ASX 200 today, the broker said: “[Life360] stands to generate significant earnings growth in coming years; all of which look underappreciated by the market.”

Gold price nears US$2,000 an ounce

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a great start to the week after the gold price jumped on Friday night. According to CNBC, the spot gold price stormed 3.7% higher to $1,993.70 per ounce. Gold rose almost US$130 an ounce last week amid the global economic uncertainty.

Core Lithium shares still a sell

The recent Core Lithium Ltd (ASX: CXO) share price weakness hasn’t been enough for Goldman Sachs to become more positive. Its analysts have reiterated their sell rating and 90 cents price target on the lithium miner’s shares. Goldman notes that spot lithium prices have continued to weaken. The 6% spodumene spot price is currently fetching US$5,040 a tonne, down from 1.3% from US$5,110 a tonne a week earlier.

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 positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has no position in any of the stocks mentioned. 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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