On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week with a solid gain. The benchmark index rose 0.7% to 7,658.3 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 edge higher
The Australian share market looks set to edge higher on Monday despite a poor finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points higher. On Friday on Wall Street, the Dow Jones was down 0.4%, the S&P 500 fell 0.5%, and the Nasdaq dropped 0.8%.
Oil prices rise
It could be a good start to the week for ASX 200 energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices pushed higher on Friday night. According to Bloomberg, the WTI crude oil price was up 1.5% to US$79.19 a barrel and the Brent crude oil price was up 0.75% to US$83.47 a barrel. US crude oil is at its highest level since November amid rising tensions in the Middle East.
Westpac Q1 update
Westpac Banking Corp (ASX: WBC) shares will be on watch today when the banking giant releases its first quarter update. Commenting on the impending release, Goldman Sachs said: "On the outlook into 1H24, WBC noted: i) Persistent inflation, ii) Software amortisation headwind, iii) Risk & reg spend to remain elevated, iv) Focus on cost reset, and v) Sustained investment of A$2 bn pa over the next four years."
Gold price climbs
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a decent start to the week after the gold price rose on Friday. According to CNBC, the spot gold price was up 0.5% to US$2,025.5 an ounce. This couldn't stop the precious metal from recording a second consecutive weekly decline.
Inghams rated as a sell
Inghams Group Ltd (ASX: ING) shares remain overvalued despite crashing on Friday according to analysts at Goldman Sachs. According to a note, the broker has reiterated its sell rating on the poultry producer's shares with a $3.15 price target. It said: "We continue to expect FY25E EBITDA to decline -6% vs FY24E as ING's operating conditions become more challenging to navigate without the tailwind of price increases."
