On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week on a strong note. The benchmark index rose 0.6% to 7,558.1 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 rise
The Australian share market looks set to rise slightly on Monday despite a poor finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 12 points or 0.15% higher this morning. On Wall Street, the Dow Jones was down 0.4%, the S&P 500 fell 1%, and the NASDAQ dropped 1.6%.
Oil prices sink
It could be a tough start to the week for ASX 200 energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices sank on Friday. According to Bloomberg, the WTI crude oil price was down 3.3% to US$73.39 a barrel and the Brent crude oil price fell 2.7% to US$79.96 a barrel. Oil prices fell on recession concerns.
Newcrest a takeover target?
The Newcrest Mining Limited (ASX: NCM) share price will be one to watch today amid speculation that the gold miner could be a takeover target. According to the AFR, Newcrest is rumoured to have received an early stage offer from a North American giant. Barrick Gold and Newmont are thought to be the likely suitors.
Janus Henderson downgraded
The Janus Henderson Group (ASX: JHG) share price surged higher on Friday following the release of the fund manager's quarterly update. The team at Bell Potter now believe that its shares are close to being fully valued and have downgraded them to a hold rating with a $43.81 price target. It said: "The 12% rise in the share price since the results announcement means the expected return on the shares comes down to 10.3%, which under our ratings structure means the recommendation moves to HOLD (from buy)."
Gold price tumbles
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a difficult start to the week after the gold price dropped on Friday. According to CNBC, the spot gold price fell 2.8% to $1,876.6 per ounce. A robust US jobs report sparked fears that the Federal Reserve might have to remain aggressive with its rate hikes.
