On Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) finished the week with a solid 1% gain to 5,654.3 points.
Will the benchmark index be able to build on this on Monday? Here are five things to watch:
ASX closing early.
If you're in the market to buy Commonwealth Bank of Australia (ASX: CBA) or any other shares on Monday you'll have to make sure you get your order in earlier than normal. On New Year's Eve the Australian share market closes at 14:10 Sydney time.
ASX futures pointing higher.
The Australian share market looks set to build on last week's gain with another push higher on Monday. According to the latest SPI futures, the ASX 200 is expected to open the day 21 points or 0.4% higher today. This is despite a subdued end to the week on Wall Street which saw the Dow Jones slide 0.3%, the S&P 500 fall 0.1%, and the Nasdaq climb 0.1%.
Oil prices on the rise.
Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) shares will be on watch on Monday after oil prices pushed higher. According to Bloomberg, the WTI crude oil price rose 1.6% to US$45.33 a barrel and the Brent crude oil price climbed 0.9% to US$53.21 a barrel. Oil prices rose after Brent net-long position jumped for the third straight week. Analysts are tipping Brent crude oil to average US$70 a barrel next year.
Pilbara Minerals trading halt.
The Pilbara Minerals Ltd (ASX: PLS) share price was placed in a trading halt late on Friday pending an ASX announcement regarding funding for its Stage 2 expansion of the Pilgangoora Lithium-Tantalum Project. Although it has requested the halt until Wednesday, there's a chance it could return to trade this morning.
Bank shares will be on watch.
Australia and New Zealand Banking Group (ASX: ANZ), National Australia Bank Ltd (ASX: NAB), and the rest of the big four banks will be on watch on Monday after a surprise rally higher on Friday. The big four had one of their best days of the year, climbing between 2.25% and 3%. This could be a sign that investor sentiment is improving for the banks.
