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5 things to watch on the ASX 200 on Monday

Here’s what to expect on the market on Monday…
The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia. –

On Friday the S&P/ASX 200 Index (ASX: XJO) was on form and stormed higher. The benchmark index rose 0.6% to 7,308.6 points.

Will the market be able to build on this on Monday? Here are five things to watch:

ASX 200 expected to open flat

The Australian share market is expected to start the week where it ended it. According to the latest SPI futures, the ASX 200 is expected to open the day flat. This is despite a very positive end to the week on Wall Street, which saw the Dow Jones rise 0.45%, the S&P 500 climb 0.75%, and the Nasdaq storm 0.8% higher.

Oil prices mixed

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch after a mixed end to the week for oil prices. According to Bloomberg, the WTI crude oil price fell 0.1% to US$75.16 a barrel and the Brent crude oil price rose 0.45% to US$76.17 a barrel. Traders weren’t sure whether to buy or sell oil as OPEC talks dragged on into the weekend.

Tech shares could rise

Tech shares including Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) could start the week on a high. This follows a solid night of trade on the Nasdaq index on Friday, which saw the tech-heavy index hit a record high after a strong US jobs report. Given that the local tech sector tends to follow the Nasdaq’s lead, this could bode well for today’s session.

Gold price rises

Gold miners including 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 rose 0.4% to US$1,783.30 an ounce. Traders were buying the precious metal despite the strong jobs report.

Magellan given sell rating

The Magellan Financial Group Ltd (ASX: MFG) share price could be overvalued according to analysts at Goldman Sachs. According to the note, the broker has retained its sell rating but lifted its price target to $49.20. The broker believes the market is underestimating potential losses relating to its Barrenjoey investment. It also believes its recent performance means the earnings risks are skewed to the downside.

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

Why the Telstra (ASX:TLS) share price outlook suddenly improved last week
5 best ASX energy shares of the 2021 financial year revealed

5 best ASX 200 mining and resource shares of financial year 2021

Here are the 5 best ASX telecom shares of the 2021 financial year

These were the best performing ASX 200 shares last week

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. owns shares of and has recommended Xero. The Motley Fool Australia owns shares of and has recommended Xero. 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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