On Friday the S&P/ASX 200 index finished the week on a very positive note, gaining 1.5% to 6,604.2 points.
Will the local share market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to edge lower.
The Australian share market looks set to start the week on a subdued note. According to the latest SPI futures, the ASX 200 index is poised to open the day 5 points or 0.1% lower this morning. On Wall Street the Dow Jones rose 0.15% higher, the S&P 500 index rose 0.05%, and the Nasdaq dropped 0.1%.
Telstra rated as a buy.
The Telstra Corporation Ltd (ASX: TLS) share price could be on the move on Monday after analysts at Goldman Sachs reiterated their buy rating and $4.20 price target on the telco giant’s shares. Its analysts have been looking through the NBN Corporate Plan 2020 and expect Telstra to make some revisions to its earnings guidance this year. However, Goldman notes that this is purely timing and the overall investment thesis remains the same.
Oil prices sink lower.
The shares of energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could come under pressure this morning after oil prices sank lower on Friday. According to Bloomberg, the WTI crude oil price fell 2.8% to US$55.10 a barrel and the Brent crude oil price dropped 2% to US$59.25 a barrel. The catalyst for this was news of overproduction from Russia.
Gold price slides.
Australian gold miners including Resolute Mining Limited (ASX: RSG) and Saracen Mineral Holdings Limited (ASX: SAR) could also start the week in the red after the gold price pulled back. According to CNBC, the spot gold price dropped 0.5% to US$1,529.40 an ounce after investor sentiment continued to improve.
Shares going ex-dividend.
A number of popular shares are due to go ex-dividend this morning and are likely to trade lower. These include regional bank Bendigo and Adelaide Bank Ltd (ASX: BEN), iron ore producer Fortescue Metals Group Limited (ASX: FMG), private health insurer NIB Holdings Limited (ASX: NHF), and airline operator Qantas Airways Limited (ASX: QAN).
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia has recommended NIB Holdings 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.