5 things to watch on the ASX 200 on Monday

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 a disappointing week on a mildly positive note. The benchmark index rose 0.1% to finish the week at 7,304 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 start the week on a disappointing note. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.4% lower this morning. This follows a poor end to the week on Wall Street, which saw the Dow Jones fall 1.5%, the S&P 500 drop 1%, and the Nasdaq edge 0.1% lower.

Oil prices drop

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could come under pressure after oil prices ended the week deep in the red. According to Bloomberg, the WTI crude oil price dropped 2.1% to US$70.86 a barrel and the Brent crude oil price fell 2% to US$73.52 a barrel. Oil prices tumbled amid concerns over rising Omicron cases and lockdowns.

Magellan loses mandate

The Magellan Financial Group Ltd (ASX: MFG) share price is likely to tumble even lower on Monday after losing a major contract. While the fund manager is yet to reveal which contract it has lost, it is widely expected to be the St James’s Place mandate. This accounts for approximately a quarter of its institutional funds under management.

Gold price rises

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week on a positive note after the gold price pushed higher on Friday night. According to CNBC, the spot gold price rose 0.4% to US$1,804.90 an ounce. Omicron uncertainty supported demand for the safe haven asset.

NAB rated as a buy

The National Australia Bank Ltd (ASX: NAB) share price remains good value according to the team at Bell Potter. In response to the bank’s annual general meeting, the broker has retained its buy rating and lifted its price target to $32.00. This was driven by an increase in its earnings forecasts and a valuation boost for its business banking segment. Though, it is worth noting that US banks fell heavily on Friday night, which may not bode well for NAB and the big four today.

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

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 August 16th 2021

More reading

The ASX 200 Index could be set for a huge makeover in 2022. Here’s why

Is the NAB (ASX:NAB) share price great value? Goldman thinks it is

These were the worst performers on the ASX 200 last week

These were the best performing ASX 200 shares last week

And just like that, Oil Search (ASX:OSH) shares are no more

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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!