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5 things to watch on the ASX 200 on Monday

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On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week in a positive fashion. The benchmark index rose 0.65% to 8,716.6 points.

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

ASX 200 expected to rise again

The Australian share market looks set for a good 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 37 points or 0.4% higher. In the United States, the Dow Jones was up 0.85%, the S&P 500 rose 0.6%, and the Nasdaq pushed 0.65% higher.

Oil prices rise

ASX 200 energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a decent start to the week after oil prices rose on Friday night. According to Bloomberg, the WTI crude oil price was up 0.4% to US$91.85 a barrel and the Brent crude oil price was up 0.4% to US$104.72 a barrel. Rising tensions in the Middle East may be behind this rise.

Buy Life360 shares 

Life360 Inc. (ASX: 360) shares could be undervalued according to Bell Potter. This morning, the broker has retained its buy rating on the location technology company’s shares with a trimmed price target of $32.00. It said: “We have reduced the multiple we apply in our EV/EBITDA valuation from 25x to 22.5x due to the continued weakness in software and app stocks both domestically and offshore. […] The upcoming quarterly result next month may well prove to be some sort of catalyst, more so because expectations are already low rather than anticipating any sort of material beat or upgrade to guidance.’

Gold price storms higher

It could be a strong start to the week for ASX 200 gold shares such as Capricorn Metals Ltd (ASX: CMM) and Northern Star Resources Ltd (ASX: NST) after the gold price stormed higher on Friday night. According to CNBC, the gold futures price was up 1.4% to US$4,216.3 an ounce. This may have been driven by bargain buying after the precious metal touched a two-month low earlier in the week.

Buy EOS shares

It could be a good time to buy Electro Optic Systems Holdings Ltd (ASX: EOS) shares. This morning, Bell Potter has retained its buy rating on the defence and space stock with an improved price target of $13.80. It said: “EOS has entered into an agreement with the government of a Middle Eastern Gulf state (GCC member) for a nation-wide counterdrone (C-UAS) defence system valued at £370m (~$700m). This represents the largest contract ever secured by EOS.”

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 and Woodside Energy Group Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Electro Optic Systems and Life360. The Motley Fool Australia has positions in and has recommended Life360. 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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