On Friday the S&P/ASX 200 index finished the week on a positive note with a 0.8% gain to 6,700.3 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX expected to open lower.
The Australian share market looks set to open lower following a subdued end to the week on Wall Street. According to the latest SPI futures, the ASX 200 index is poised to open the day 0.4% or 26 points lower this morning. On Wall Street on Friday the Dow Jones fell 0.25%, the S&P 500 dropped 0.6%, and the Nasdaq tumbled 0.75%.
Oil prices higher.
Australian energy producers Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) could start the week with a push higher after oil prices rose on Friday. According to Bloomberg, the WTI crude oil price climbed 0.6% to US$55.63 a barrel and the Brent crude oil price increased 0.9% to US$62.47 a barrel. Prices pushed higher after Iran seized a British oil tanker.
Tech shares on watch.
The likes of Altium Limited (ASX: ALU) and WiseTech Global Ltd (ASX: WTC) could come under pressure on Monday after their U.S. tech peers sank lower at the end of the week. The local tech sector has a tendency to follow the lead of the Nasdaq index, which finished the week with a decline of 0.75%.
Gold price pulls back.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) will be on watch today after the gold price pulled back from a six-year high due to profit taking. According to CNBC, on Friday the spot gold price fell 0.1% to US$1,426.50 an ounce.
Ramsay Health Care rated as a sell.
The Ramsay Health Care Limited (ASX: RHC) share price will be one to watch today after analysts at Goldman Sachs retained their sell rating and $57.00 price target on the private hospital operator's shares. According to the note, the broker believes the structural issues impacting the industry will lead to continued price/mix erosion through the mid-term.
