It’s going to be a busy day for the ASX 200 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) finished a very strong week on a positive note. The benchmark index rose 0.5% to 7,628.9 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 give back some its gains on Monday. According to the latest SPI futures, the ASX 200 is expected to open the day 9 points or 0.1% lower. This follows a subdued but positive end to the week on Wall Street, which saw the Dow Jones rise slightly, the S&P 500 climb 0.15%, and the Nasdaq edge lightly higher.
Oil prices drop
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be under pressure today after oil prices dropped on Friday night. According to Bloomberg, the WTI crude oil price is down 1% to US$68.44 a barrel and the Brent crude oil price has fallen 1% to US$70.59 a barrel. Concerns that the Delta strain of COVID-19 could impact demand weighed on prices.
The Carsales.Com Ltd (ASX: CAR) share price will be on watch when the auto listings company releases its full year results. According to a note out of Goldman Sachs, it expects Carsales to report a 7% increase in revenue to $425 million and a 19% increase in EBITDA to $242 million. This compares to the consensus estimate of $427 million and $246 million, respectively.
Gold price rises
Australian gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week strongly after the gold price stormed higher on Friday night. According to CNBC, the spot gold price rose 1.5% to US$1,778.2 an ounce. Weakness in the US dollar supported the precious metal.
Other results releases
It isn’t just Carsales releasing its results today. Also pencilled in to release their respective results are regional bank Bendigo and Adelaide Bank Ltd (ASX: BEN), steel giant BlueScope Steel Limited (ASX: BSL), retail giant JB Hi-Fi Limited (ASX: JBH), and global property company Lendlease Group (ASX: LLC).
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 more than eight 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 May 24th 2021
How did the Bendigo and Adelaide Bank (ASX:BEN) share price respond last earnings season?
How did the BlueScope (ASX:BSL) share price respond last earnings season?
This leading fund manager thinks these ASX shares might be buys
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 carsales.com Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.