5 things to watch on the ASX 200 on Monday

Afterpay Ltd (ASX:APT) and Qantas Airways Limited (ASX:QAN) shares will be on watch on the ASX 200 on Monday…
The post 5 things to watch on the ASX 200 on Monday appeared first on Motley Fool Australia. –

Investor sitting in front of multiple screens watching share prices

On Friday the S&P/ASX 200 Index (ASX: XJO) was out of form and sank notably lower. The benchmark index fell 1.5% to 5,791.5 points.

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

ASX 200 expected to rise.

It looks set to be a very positive start to the week for the Australian share market on Monday. According to the latest SPI futures, the ASX 200 is expected to rise 67 points or 1.15% at the open. This follows a better than feared night of trade on Wall Street on Friday. The Dow Jones fell 0.5%, the S&P 500 dropped 0.95%, and the Nasdaq fell 2.2%. Futures contracts were pointing to more severe declines during afternoon trade on Friday after President Trump announced that he has COVID-19.

Qantas upgraded to buy.

The Qantas Airways Limited (ASX: QAN) share price is in the buy zone according to analysts at Goldman Sachs. This morning the broker upgraded the airline operator’s shares to a buy rating with an improved price target of $5.28. It commented: “With greater confidence in an earlier and stronger recovery in both domestic and trans-Tasman activity than we previously forecast, we upgrade our rating to Buy.”

Tech shares on watch.

Tech shares such as Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) will be on watch on Monday after their U.S. counterparts sank lower on Friday night. The tech-heavy Nasdaq index finished the week with a 2.2% decline. The local tech sector has a tendency to follow the Nasdaq’s lead.

Oil prices crash lower.

Energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could come under pressure today after oil prices crashed lower on Friday. According to Bloomberg, the WTI crude oil price fell 4.3% to US$37.05 a barrel and the Brent crude oil price dropped 4.05% to US$39.27 a barrel. Traders were selling oil amid oversupply concerns.

Gold price softens.

The shares of Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price softened. According to CNBC, the spot gold price fell 0.45% to US$1,907.60 an ounce on Friday night. Despite this decline, the precious metal had its best week in the last eight.

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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 Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post 5 things to watch on the ASX 200 on Monday appeared first on Motley Fool Australia.

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