On Friday the S&P/ASX 200 index ended the week on another positive note. The benchmark index rose 0.3% to finish it at 7,064.1 points.
Will the local share market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to rise again.
It looks set to be a positive start to the week for the S&P/ASX 200 index. According to the latest SPI futures, the ASX 200 is poised to rise 36 points or 0.5% at the open. This follows a solid end to the week on Wall Street which saw the Dow Jones rise 0.2%, the S&P 500 climb 0.4%, and the Nasdaq index push 0.35% higher.
Oil prices edge higher.
Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be on the rise on Monday after oil prices edged higher on Friday. According to Bloomberg, the WTI crude oil price rose slightly to US$58.54 a barrel and the Brent crude oil price climbed 0.35% to US$64.95 a barrel.
Gold price higher.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) could be pushing higher on Monday after a solid rise by the gold price. According to CNBC, the spot gold price pushed 0.45% higher to US$1,557.30 an ounce. Political, geopolitical, and economic worries are supporting the safe haven asset.
Nufarm rated as a buy.
Last week the Nufarm Limited (ASX: NUF) share price fell heavily after the release of its guidance for the first half of FY 2020. Due to tough trading conditions across its business, the agricultural chemicals company advised that it expects its first half EBITDA to be in the range of $55 million and $65 million. This is down significantly from $120.9 million a year earlier. One broker that sees this as a buying opportunity is Goldman Sachs. It has slapped a buy rating and $5.90 price target on its shares.
The Lynas Corporation Ltd (ASX: LYC) share price could come under pressure today after a late announcement on Friday. That announcement revealed that the rare earths producer has received documents filed by three individuals commencing judicial review proceedings in the High Court of Malaya at Kuala Lumpur.
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