On Friday the S&P/ASX 200 index ended a positive week with a small gain. The benchmark index rose 0.2% to close it at 6,730.8 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 higher.
The Australian share market looks set to start the week on a mildly positive note despite a disappointing end to the week on Wall Street. According to the latest SPI futures, the ASX 200 index is expected to open the day 3 points higher this morning. In the United States the Dow Jones dropped 0.6%, the S&P 500 fell 0.5%, and the Nasdaq tumbled 0.8%.
Oil prices slide.
Energy shares such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could come under pressure today after oil prices edged lower. According to Bloomberg, the WTI crude oil price dropped 0.2% to US$58.09 a barrel and the Brent crude oil price fell 0.2% to US$64.28 a barrel.
Webjet on watch.
The Webjet Limited (ASX: WEB) share price will be on watch today after reports that its UK partner, Thomas Cook, was on the brink of collapse. The embattled travel company’s future had looked secure after its largest shareholder, China’s Fosun Tourism Group, came up with a rescue package. However, on Friday the company said it would require £200 million on top of £900 million already agreed with Fosun.
Gold price surges.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week on a high after the spot gold price surged higher on Friday. According to CNBC, the spot gold price climbed 0.6% to US$1,515.10 an ounce. The catalyst for this was rising tensions in the Middle East.
Premier Investments rated as neutral.
Analysts at Goldman Sachs appear to believe that the Premier Investments Limited (ASX: PMV) share price may have peaked now. According to a note out of the investment bank, its analysts have a neutral rating and $16.40 price target on its shares. Though, this could change once the broker has had more time to fully assess its results.
Buy rated shares to snap up today.
5 dirt cheap shares that you can buy today have been named here. One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price… Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield...
Plus 3 more cheap bets that could position you to profit over the next 12 months!
See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended Webjet Ltd. 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.