On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week with a bang. The benchmark index rose 1% to 7,421.2 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 rise again
Another positive session is expected for the Australian share market on Monday following a very strong finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 26 points higher this morning. On Wall Street, the Dow Jones was up 1.05%, the S&P 500 rose 1.2%, and the Nasdaq charged 1.7% higher. The S&P 500 is now officially in a bull market.
Oil prices fall
It could be a subdued start to the week for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices softened on Friday night. According to Bloomberg, the WTI crude oil price was down 0.9% to US$73.41 a barrel and the Brent crude oil price was down 0.7% to US$78.56 a barrel. This was driven by concerns over the health of the Chinese and global economy.
Arcadium Lithium named as a buy
Arcadium Lithium (ASX: LTM) shares could have major upside potential according to analysts at Bell Potter. This morning, the broker has initiated coverage on the lithium giant with a buy rating and $12.10 price target. This implies 50% upside from current levels. It said: "LTM provides the largest, most diversified exposure to lithium."
Gold price rises
It looks like it could be a decent start to the week for ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price rose on Friday. According to CNBC, the spot gold price was up 0.5% to US$2,031.8 an ounce. This was driven by rate cut optimism.
Buy Macquarie Technology shares
The team at Goldman Sachs thinks investors should be buying Macquarie Technology Group Ltd (ASX: MAQ) shares. This morning, the broker has reiterated its buy rating and $77.70 price target on the company's shares. Goldman was pleased with the Development Application (DA) approval for the IC3 Super West (IC3W) data centre at its Macquarie Park campus. It said: "MAQ's DA approval is an important milestone in the acceleration of the company's data centre growth ambitions."
