On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week on a mildly positive note. The benchmark index rose slightly to 7,415.5 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to have a positive start to the week. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.4% higher this morning. This is despite a mixed ended to the week on Wall Street, which saw the Dow Jones rise 0.2%, the S&P 500 fall 0.1%, and the Nasdaq drop 0.8%.
Oil prices rise
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a solid start to the week after oil prices pushed higher on Friday night. According to Bloomberg, the WTI crude oil price is up 1.5% to US$83.76 a barrel and the Brent crude oil price has risen 1.1% to US$85.53 a barrel. Prices rose amid tightening US supply.
Elders named as a buy
The Elders Ltd (ASX: ELD) share price could be great value according to analysts at Goldman Sachs. This morning the broker put a conviction buy rating and $15.65 price target on the agribusiness company. This implies potential upside of ~37%. Goldman believes it is a compelling growth opportunity underpinned by strong fundamentals.
Gold price rises
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week strongly after the gold price stormed higher on Friday night. According to CNBC, the spot gold price rose 0.8% to US$1,796.30 an ounce. A softening US dollar boosted the price of the precious metal.
Iron ore price rebounds
BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares could rise today after the spot iron ore price pushed higher on Friday night. According to Metal Bulletin, the benchmark iron ore price rose 2.2% to US$119.52 a tonne. The low grade iron ore price climbed 3.7%, which will be good news for Fortescue shareholders.
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
- Can the Northern Star (ASX:NST) share price hit $13 by Christmas?
- The Woodside (ASX:WPL) share price fell 8% this week. But there is some good news
- Top brokers name 3 ASX shares to buy next week
- These were the best performing ASX 200 shares last week
- Can the Newcrest (ASX:NCM) share price hit $32 by the end of 2021?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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 recommended Elders Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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