On Friday the S&P/ASX 200 Index (ASX: XJO) finished a very positive week in a subdued manner. The benchmark index fell 0.2% to 6,405.2 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 poised to rise.
The Australian share market looks set to start the week on a positive note despite declines on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 34 points or 0.5% higher this morning. On Friday the Dow Jones fell 0.75%, the S&P 500 dropped 0.7%, and the Nasdaq fell 0.4% lower. Rising COVID-19 cases in the United States weighed on investor sentiment.
NSW-Victoria border reopens.
Flight Centre Travel Group Ltd (ASX: FLT) and Webjet Limited (ASX: WEB) shares could be on the rise today after the NSW government announced the opening of its border with Victoria today after being closed for 137 days. This is expected to lead to hundreds of flights between Melbourne and Sydney from this week.
Oil prices push higher.
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could start the week on a positive note after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price rose 1.4% to US$42.17 a barrel and the Brent crude oil price climbed 1.7% to US$44.96 a barrel. Oil prices recorded their third successive weekly gain thanks to COVID-19 vaccine optimism.
Gold price pushes higher.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could be on the rise today after the gold price pushed higher on Friday night. According to CNBC, the spot gold price climbed 0.45% to US$1,869.60 an ounce. This was driven by optimism over U.S. COVID stimulus.
Lendlease given conviction buy rating.
Goldman Sachs has maintained its conviction buy rating on the Lendlease Group (ASX: LLC) share price. The broker notes that the company is targeting over A$10 billion of project commencements over the next 18 months. It expects this to underpin solid earnings growth over the coming years. Goldman has a $16.65 price target on Lendlease’s shares.
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More reading
- 5 things to watch on the ASX 200 next week
- These were the worst performing ASX 200 shares last week
- These were the best performing ASX 200 shares last week
- ASX 200 ends flat on Friday
- This broker reckons Woodside Petroleum (ASX:WPL) shares are a screaming buy today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group 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.
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