5 things to watch on the ASX 200 on Monday

On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week with a modest gain. The benchmark index rose slightly to 7,644.8 points.

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

ASX 200 expected to open flat

The Australian share market looks set for a subdued start to the week despite a reasonably positive finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day flat. On Friday on Wall Street, the Dow Jones was down 0.15%, but the S&P 500 rose 0.6% and the Nasdaq jumped 1.25%.

Oil prices rise

ASX 200 energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could start the week positively after oil prices rose on Friday night. According to Bloomberg, the WTI crude oil price was up 0.8% to US$76.84 a barrel and the Brent crude oil price was up 0.7% to US$82.19 a barrel. Oil prices rose amid rising tensions in the Middle East.

JB Hi-Fi results

JB Hi-Fi Limited (ASX: JBH) shares will be on watch today when the retail giant releases its half year results. Morgans sees scope for JB Hi-Fi to surprise to the upside. It said: “We think there’s a good chance JB Hi-Fi could surprise positively in its 1H24 result. We forecast EBIT of $371.0m, 4% above consensus of $358.2m.”

Gold price falls

ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could trade lower after the gold price fell on Friday. According to CNBC, the spot gold price was down 0.45% to US$2,038.70 an ounce. Rising bond yields reduced the appeal of the precious metal.

Boral rated as a sell

Boral Ltd (ASX: BLD) shares are overvalued according to analysts at Goldman Sachs. According to a note, the broker has reiterated its sell rating on the building materials company’s shares with a $5.40 price target. Goldman said: “Although the turnaround has gained momentum, the upside appears to be substantially priced into the stock suggesting near flawless execution is required.”

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

• How to build a bulletproof ASX 200 passive income portfolio with just $10,000
• Top brokers name 3 ASX shares to buy next week
• What this Warren Buffett-linked CEO’s prediction could mean for Woodside shares
• ASX dividend shares: What’s better, growth or consistency?
• Here’s how the ASX 200 market sectors stacked up this week

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has recommended Jb Hi-Fi. 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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