Here’s what to expect on 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 the week on a very disappointing note. The benchmark index sank 1.45% to 7,323.7 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to storm higher
The Australian share market looks set to have a very positive start to the week. According to the latest SPI futures, the ASX 200 is expected to open the day 68 points or 0.9% higher this morning. This follows a solid end to the week on Wall Street, which saw the Dow Jones rise 0.25%, the S&P 500 climb 0.2%, and the Nasdaq push 0.3% higher.
Westpac full year results
The Westpac Banking Corp (ASX: WBC) share price will be on watch today when it releases its full year results. According to a note out of Morgans, its analysts are expecting cash earnings of $5,237 million. But perhaps more importantly, the broker continues to expect the banking giant to announce a $5 billion off-market share buyback.
Oil prices rise
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a solid start to the week after oil prices pushed higher on Friday night. According to Bloomberg, the WTI crude oil price is up 0.9% to US$83.57 a barrel and the Brent crude oil price has risen 0.1% to US$83.72 a barrel. Oil prices were down over the week amid rising oil inventories in the US.
Gold price sinks
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week in the red after the gold price sank on Friday night. According to CNBC, the spot gold price fell 1% to US$1,783.90 an ounce. A rallying US dollar weighed on the price of the precious metal.
Macquarie shares rated neutral
The Macquarie Group Ltd (ASX: MQG) share price could be fully valued according to analysts at Goldman Sachs. According to the note, the broker has retained its neutral rating and lifted its price target to $196.80. Goldman was impressed with its half year results but feels its shares are expensive at 21x forward earnings.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.