On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a decent gain. The benchmark index rose 0.35% to 7,048.6 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 fall
The Australian share market looks set to open the week lower following a reasonably poor finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 38 points or 0.55% lower on Monday. In the United States, the Dow Jones was down 0.5% and the S&P 500 fell 0.3%, but the NASDAQ edged 0.15% higher.
Oil prices fall
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch after a poor session for oil prices on Friday night. According to Bloomberg, the WTI crude oil price was down 1% to US$90.79 a barrel and the Brent crude oil price was down 1% to US$92.20 a barrel. Despite this soft showing, oil prices ended the quarter up almost 30%.
Rinehart nabs more Liontown shares
Liontown Resources Ltd (ASX: LTR) shares will be on watch today after Gina Rinehart's Hancock Prospecting increased its interest in the lithium developer. Rinehart has lifted her stake in Liontown to 12.36% and continues to criticise the company's development of the Kathleen Valley Lithium Project.
Gold price drops
ASX 200 gold shares Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a subdued start to the week after the gold price fell on Friday night. According to CNBC, the spot gold price was down 0.7% to US$1,866.1 an ounce. Rate hike concerns have been weighing on sentiment.
Bank of Queensland named as a sell
The Bank of Queensland Ltd (ASX: BOQ) share price could be overvalued according to analysts at Goldman Sachs. This morning, the broker has put a sell rating and a $5.59 price target. It said: "While the company's transformation program is the right long-term strategy to deliver a stronger and simpler bank, we believe it does leave the bank more exposed to inflation in non-staff costs."
