On Friday the S&P/ASX 200 Index (ASX: XJO) finished a very positive week on a solid note. The benchmark index climbed 0.3% to 6,033.6 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 set to edge higher.
The ASX 200 looks set to edge higher this morning after a mixed end to the week on Wall Street. According to the latest SPI futures, the benchmark index is expected to open the week 2 points higher. On Wall Street the Dow Jones fell 0.2%, the S&P 500 rose 0.3%, and the Nasdaq pushed 0.3% higher.
Oil prices edge lower.
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could start the week in the red. According to Bloomberg, the WTI crude oil price fell 0.4% to US$40.59 a barrel and the Brent crude oil price dropped 0.5% to US$43.14 a barrel. Traders were selling oil amid uncertainty over fuel demand.
Gold price rises.
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could be on the rise on Monday after the gold price strengthened. According to CNBC, the spot gold price rose 0.5% to US$1,810 an ounce. A spike in coronavirus cases globally supported the price of the precious metal.
South32 update.
The South32 Ltd (ASX: S32) share price will be on watch today when it releases its latest production update. The mining giant is likely to reveal just how much the COVID-19 outbreak impacted the production of its manganese and coal operations in South Africa.
SEEK shares given neutral rating.
Analysts at Goldman Sachs appear to believe the SEEK Limited (ASX: SEK) share price has peaked. According to a note out of the investment bank, its analysts have put a neutral rating and improved price target of $20.20 on the job listings company’s shares. This price target implies potential downside of 7.3%. While the broker is positive on SEEK’s future growth prospects, it isn’t a fan of its current valuation.
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More reading
- 4 ASX 200 shares to buy with $4,000
- 3 things that will impact on ASX shares this reporting season
- These were the worst performing ASX 200 shares last week
- How I’d build a $100,000 ASX portfolio of growth shares
- ASX 200 finishes up 0.4%, Rio Tinto grinds higher
Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia has recommended SEEK Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post 5 things to watch on the ASX 200 on Monday appeared first on Motley Fool Australia.
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