On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a decline. The benchmark index fell 0.45% to 8,665 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 for a mildly positive start to the week following a strong session on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 3 points higher. In the United States, the Dow Jones was up 0.95%, the S&P 500 rose 0.5%, and the Nasdaq pushed 0.5% higher.
Oil prices fall
ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued start to the week after oil prices pulled back on Friday night. According to Bloomberg, the WTI crude oil price was down 2.3% to US$92.41 a barrel and the Brent crude oil price was down 2.15% to US$104.32 a barrel. This was driven by optimism over the reopening of the Strait of Hormuz.
Codan shares upgraded
Codan Ltd (ASX: CDA) shares are in the buy zone according to Bell Potter. This morning, the broker has upgraded the metal detector manufacturer’s shares to a buy rating with an improved price target of $60.00. It said: “We upgrade to Buy from Hold. Notwithstanding potential supply chain constraints in global electronics which CDA is “monitoring”, we expect current rapidly expanding production rates of Group 2 UAS to drive Communications revenue upgrades in 1H27/FY27.”
Gold price rises
It could be a positive start to the week for ASX 200 gold shares including Capricorn Metals Ltd (ASX: CMM) and Northern Star Resources Ltd (ASX: NST) after the gold price rose on Friday night. According to CNBC, the gold futures price was up 0.55% to US$4,321.2 an ounce. Easing oil prices lowered inflation risks and gave the precious metal a boost.
Buy Mesoblast shares
Bell Potter thinks investors should be buying Mesoblast Ltd (ASX: MSB) shares. This morning, the broker has retained its buy rating and $4.45 price target on the biotech company’s shares. This is more than double its current share price. It said: “MSB has extensive IP around both Ryoncil and Rexlemestrocel-L (aka Revascor). Ryoncil carries Orphan Drug Designation and long life patents. The development of the new TIBA assay further extends the moat around future revenues.”
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 Woodside Energy Group Ltd. 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 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.