After a good week for the S&P/ASX 200 Index (ASX: XJO), find out why I’m watching Westpac Banking Corp (ASX:WBC) and 2 more ASX 200 shares.
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It was a positive week for ASX 200 shares as the S&P/ASX 200 Index (ASX: XJO) jumped 1.7% higher to 5,964.90 points.
That was largely driven by something of a tech rebound while the Aussie banks also propelled the benchmark index to a strong close on Friday.
Looking at the week ahead, it could be another big one. Victoria is looking to ease restrictions while there could be some adjustments in other ASX shares that have rocketed higher.
Here are three of my top ASX 200 shares that I’ll be watching in the week ahead.
Westpac and 2 more ASX 200 shares to watch this week
I’m watching the Westpac Banking Corp (ASX: WBC) share price after its 7.4% surge to end last week’s trade.
Westpac shares rocketed higher as the Federal Government looked to ease responsible lending laws and help kickstart the economy. That’s good news for potential bank earnings which saw ASX 200 bank shares become four of the top five performers on Friday.
Metcash Limited (ASX: MTS) shares fell 2.1% on Friday and are now up 12.6% for the year. I think there are a couple of things that are starting
Metcash owns and operates a number of retailers including IGA, Mitre 10 and Home Timber & Hardware. The Metcash share price performed well during the March bear market as supermarket and home improvement sales surged.
That optimism has subsided although the ASX 200 retail share has still strongly outperformed. I think the Metcash share price is worth watching this week to see how investors think the Victorian easing restrictions could impact on its value.
However, the potential light at the end of the tunnel for Victorians could be good news for the Scentre share price. More freedom of movement and a step closer to shopping centres reopening is good news for Scentre’s tenants and therefore Scentre as a landlord.
These are just a few of the ASX 200 shares I’ve got my eye on in the week ahead.
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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.