On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week in sensational style. The benchmark index rose 2.2% to 6,988.1 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to start the week in the red despite big gains on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.2% lower this morning. On Wall Street, the Dow Jones rose 1.65%, the S&P 500 stormed 2.4% higher, and the Nasdaq raced 3.1% higher.
Oil prices push higher
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a decent day after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price rose 0.25% to US$86.92 a barrel and the Brent crude oil price rose 0.8% to US$90.03 a barrel. Supply concerns led to oil prices recording their sixth consecutive weekly gain.
Pilbara Minerals quarterly update
The Pilbara Minerals Ltd (ASX: PLS) share price will be on watch today when it releases its second quarter update. Investors will be keen to see if the lithium miner is on track to achieve or exceed its shipments guidance of 440 dmt to 490,000 dmt in FY 2022 following a strong first quarter. In addition, all eyes will be on pricing, with reports that lithium prices are at record levels.
Gold price falls again
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week in the red after the gold price fell again on Friday night. According to CNBC, the spot gold price fell 0.5% to US$1,786.6 an ounce. The gold price had its worst week since November after the US dollar strengthened amid rate hike optimism.
ResMed upgraded to buy rating
The ResMed Inc (ASX: RMD) share price could be in the buy zone according to the team at Goldman Sachs. This morning the broker upgraded the sleep treatment company’s shares to a buy rating with a $35.80 price target. Goldman notes that near-term challenges have created a long-term opportunity for ResMed.
The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
- Is February 2022 the time to buy these 2 beaten-up ASX shares?
- These were the worst performing ASX 200 shares last week
- Here are the top 10 ASX shares today
- Why is it when Jerome Powell sneezes, the ASX 200 catches a cold?
- Why AnteoTech, Newcrest, Nitro, and ResMed shares are falling
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 ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/9RrdKXZ7w
Leave a Reply