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5 things to watch on the ASX on Monday

On Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) saw its winning streak come to an end with a decline of 0.1% to 6,225.2 points.

Will the local market be able to move on from this blip and push higher on Monday? Here are five things that could shape the day’s trade:

ASX futures are pointing higher.

According to the latest SPI futures, the local market is expected to open the week 12 points or 0.2% higher. This follows a positive end to the week on Wall Street which saw the Dow Jones Industrial Average finish the week with a gain of 0.5% and the S&P 500 rise 0.2%. However, the NASDAQ fell 0.3%, which could potentially mean Australian tech shares come under pressure today.

Oil prices surge after OPEC meeting.

Oil prices have surged higher after OPEC held its latest meeting. The oil cartel opted to increase production by 1 million barrels per day, which was less than the market expected. According to Bloomberg, WTI crude oil rose 4.6% to US$68.58 a barrel on the news and Brent crude oil was 3.4% higher to US$75.55 a barrel. Energy shares including Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today in response to this news.

Metcash results due to be released.

The shares of Metcash Limited (ASX: MTS) will be on watch on Monday when it releases its full-year results. The market is expecting the wholesaler to deliver earnings per share of 22.1 cents, down slightly from last year. I’ll be looking out for further details on its distribution deal with Drakes.

Ardent Leisure shares go ex-dividend.

The shares of Ardent Leisure Group (ASX: AAD) go ex-dividend this morning for the entertainment company’s interim dividend of 6.5 cents per share. Eligible shareholders will receive this dividend in their nominated accounts on August 31. Elsewhere, eligible Gentrack Group Ltd (ASX: GTK) will be paid its latest dividend today.

Credit Corp shares will be on watch.

It may be worth keeping a close eye on Credit Corp Group Limited (ASX: CCP) shares again today. A reasonably amateurish short seller report targeted the company last week but didn’t capture the imagination of investors like the notorious Blue Sky Alternative Investments Ltd (ASX: BLA) short thesis. This short seller intends to address a response by Credit Corp shortly.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended GENTRACK FPO NZ. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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