On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in a positive fashion. The benchmark index rose 0.5% to 7,145.1 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to jump
The Australian share market is expected to have an excellent session following a very strong finish to last week on Wall Street after a new US debt deal was signed. According to the latest SPI futures, the ASX 200 is expected to open the day 76 points or 1.1% higher on Monday. In the United States, the Dow Jones was up 2.1%, the S&P 500 rose 1.45%, and NASDAQ jumped 1.1%.
Oil prices charge higher
It looks set to be a good start to the week for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices charged higher on Friday. According to Bloomberg, the WTI crude oil price was up 2.35% to US$71.74 a barrel and the Brent crude oil price rose 2.5% to US$76.13 a barrel. A new US debt deal boosted prices. It is also worth noting that Saudi Arabia has since announced further production cuts, which could lift prices further in Asian trade.
Evolution investor day
Evolution Mining Ltd (ASX: EVN) shares will be on watch on Monday when the gold miner holds its investor day event. The company notes that this event will provide shareholders with a series of presentations from Evolution's senior executives covering a broad range of topics relating to the company's strategy, current business, and future growth opportunities.
Gold price falls
Fellow ASX 200 gold shares Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a tough start to the week after the gold price dropped on Friday night. According to CNBC, the spot gold price fell 1.3% to US1,969.6 per ounce. The signing of a new US debt deal reduced demand for safe haven assets.
Paladin Energy named as a buy
The Paladin Energy Ltd (ASX: PDN) share price deserves a re-rating according to analysts at Bell Potter. This morning, the broker has retained its buy rating and 99 cents price target on the uranium developer's shares. It said: "We believe there is plenty of upside for PDN left on the table, with a supportive outlook for uranium and nuclear, and near-term catalysts in the restart of Langer Heinrich."
