On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week in a disappointing fashion. The benchmark index tumbled 1% to 7,217.3 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to fall again
The Australian share market looks set to start the week in the red following a selloff on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 76 points or 1.1% lower this morning. On Wall Street, the Dow Jones fell 1.4%, the S&P 500 dropped 1.9%, and the Nasdaq sank 2.8% lower.
Oil prices storm higher
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a strong start to the week after oil prices stormed higher on Friday. According to Bloomberg, the WTI crude oil price rose 3.6% to US$93.10 a barrel and the Brent crude oil price rose 3.3% to US$94.44 a barrel. Escalating tensions between Russia and Ukraine sent prices higher
JB Hi-Fi first half update
The JB Hi-Fi Limited (ASX: JBH) share price will be on watch this morning when it releases its first half results. Last month the retail giant advised that it expects to report a 1.6% decline in sales to $4,861.8 million and a 9.4% decline in net profit after tax to $287.9 million. All eyes will be on its trading update for January and the start of February.
Gold price edges higher
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a decent start to the week after the gold price rose on Friday night. According to CNBC, the spot gold price rose 0.25% to US$1,842.1 an ounce. The gold price added almost 2% to its value over the five days amid increased demand for safe haven assets.
Platinum downgraded to sell
The Platinum Asset Management Ltd (ASX: PTM) share price could be overvalued according to analysts at Bell Potter. This morning the broker has downgraded the fund manager’s shares to a sell rating and cut the price target on them by 38% to $2.22. It commented: “PTM’s underperformance highlights that this is not a stock for all seasons, and we cannot currently see much attraction.”
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 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 no position in any of the stocks mentioned. 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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