On Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) finished a solid week on a positive note with a 0.14% gain to 5,849.2 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market is expected to open the week lower on Monday. According to the latest SPI futures, the local market is poised to open 0.1% or 5 points lower. This follows a disappointing end to the week on Wall Street which saw the Dow Jones slide 0.4%, the S&P 500 decline 0.6%, and the Nasdaq drop 1%.
All eyes will be on the Westpac Banking Corp (ASX: WBC) share price on Monday when it becomes the latest bank to release its full year results. According to a note out of Goldman Sachs, it expects Westpac to post net interest income of $16,288 million, cash earnings of $8,055 million, and declare a final dividend of 94 cents per share. The broker has a buy rating and $34.73 price target on the bank’s shares.
Oil prices edge lower.
Australian energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could come under pressure again on Monday after oil prices ended the week in the red. According to Bloomberg, the WTI crude oil price fell 0.9% to US$63.14 a barrel and the Brent crude oil price dropped 0.1% to US$72.83 a barrel.
Greencross Limited (ASX: GXL) shares could return from their trading halt this morning. According to the AFR, the integrated pet care company is believed to be preparing an announcement advising that its board recommends shareholders accept a $5.50 per share takeover offer from TPG Capital. This would be a 21% premium to its last traded price.
Worleyparsons wins new contracts.
The Worleyparsons Limited (ASX: WOR) share price was given a much-needed boost late on Friday with the announcement of two new contract wins after the market close. The engineering company has been awarded a five-year framework agreement by Saudi Basic Industries Corporation and a fabrication and construction contract for the Pipestone Sour Gas Plant in Canada by Tidewater Midstream and Infrastructure.
Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Greencross Limited. 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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