On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a solid gain. The benchmark index rose 0.65% to 7,109.6 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to rise gain
The Australian share market looks set to continue its rise on Monday following a decent finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 35 points or 0.5% higher this morning. On Wall Street, the Dow Jones was up 0.3%, the S&P 500 rose 0.4%, and the NASDAQ climbed 0.7%. The latter had its best week since November.
Oil prices rise
It looks set to be a solid start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after a positive finish to the week for oil prices. According to Bloomberg, the WTI crude oil price was up 2.15% to US$80.07 a barrel and the Brent crude oil price rose 1.7% to US$85.43 a barrel. Oil prices rose on China hopes and US dollar weakness.
Tech shares on watch
It could be a good session for ASX 200 tech shares such as Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) on Monday. This follows a solid session for their US counterparts on the NASDAQ index on Friday. Investors have been buying tech shares again amid signs that inflation is easing.
ASX 200 bank shares on watch
ASX 200 bank shares such as Commonwealth Bank of Australia (ASX: CBA) will be on watch on Monday. Investors will no doubt be hoping that a strong session for US based banks will rub off on the local sector today. On Wall Street, Bank of America climbed 2.2%, JP Morgan rose 2.5%, and Wells Fargo pushed 3.3% higher.
Gold price rises again
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could be heading higher today after the gold price rose again on Friday. According to CNBC, the spot gold price was up 1.3% to US$1,923 an ounce. The precious metal had a strong week thanks to optimism that the US Federal Reserve will slow its rate hikes.
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
- Analysts say these ASX growth shares can generate huge returns for investors
- Burning hot: The outlook for ASX 200 energy shares in 2023
- Buy these ASX 200 dividend shares when the market reopens: analysts
- 3 reasons to invest in the ASX 200 in 2023
- US inflation is cooling: I’d buy these 3 ASX shares right now
Motley Fool contributor James Mickleboro has positions in Altium and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium and Xero. The Motley Fool Australia has positions in and has recommended Xero. 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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