On Friday, the S&P/ASX 200 Index (ASX: XJO) finished a solid week on a positive note. The benchmark index rose 0.65% to 6,894.2 points.
Will the market be able to build on this on Monday? Here are five things to watch:
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ASX 200 expected to jump
The Australian share market looks set to start the week in a positive fashion. This follows a very strong end to the week on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 79 points or 1.15% higher this morning. On Wall Street, the Dow Jones was up 1.2%, the S&P 500 climbed 1.5%, and the NASDAQ jumped 2.1%.
Oil prices charge higher
Energy producers Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a good start to the week after oil prices charged higher on Friday. According to Bloomberg, the WTI crude oil price was up 3.9% to US$86.79 a barrel and the Brent crude oil price rose 4.1% to US$92.84 a barrel. Traders were buying oil amid concerns over supply threats
Tech shares expected to rise
Tech shares such as Life360 Inc (ASX: 360) and Zip Co Ltd (ASX: ZIP) could start the week strongly after their US counterparts stormed higher on Friday night. As mentioned above, Wall Street's tech focused NASDAQ index was in fine form, rising a sizeable 2.1% after investor sentiment rebounded. This bodes well for the local tech sector on Monday.
Gold price rises
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a positive start to the week on Monday after the gold price rose. According to CNBC, the spot gold price was up 0.4% to US$1,727.6 an ounce on Friday night. A softening US dollar gave the precious metal a boost.
Iron ore price continues to rebound
BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares could start the week with a bang after the iron ore price continued to rebound amid optimism over Chinese demand. According to Metal Bulletin, the spot iron ore price has risen 3.9% to US$103.65 a tonne.
