On Friday the S&P/ASX 200 Index (ASX: XJO) finished a very positive week on a solid note. The benchmark index climbed 0.3% to 6,033.6 points.
Will the market be able to build on this on Monday? Here are five things to watch:
Image source: Getty Images
ASX 200 set to edge higher.
The ASX 200 looks set to edge higher this morning after a mixed end to the week on Wall Street. According to the latest SPI futures, the benchmark index is expected to open the week 2 points higher. On Wall Street the Dow Jones fell 0.2%, the S&P 500 rose 0.3%, and the Nasdaq pushed 0.3% higher.
Oil prices edge lower.
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could start the week in the red. According to Bloomberg, the WTI crude oil price fell 0.4% to US$40.59 a barrel and the Brent crude oil price dropped 0.5% to US$43.14 a barrel. Traders were selling oil amid uncertainty over fuel demand.
Gold price rises.
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could be on the rise on Monday after the gold price strengthened. According to CNBC, the spot gold price rose 0.5% to US$1,810 an ounce. A spike in coronavirus cases globally supported the price of the precious metal.
South32 update.
The South32 Ltd (ASX: S32) share price will be on watch today when it releases its latest production update. The mining giant is likely to reveal just how much the COVID-19 outbreak impacted the production of its manganese and coal operations in South Africa.
SEEK shares given neutral rating.
Analysts at Goldman Sachs appear to believe the SEEK Limited (ASX: SEK) share price has peaked. According to a note out of the investment bank, its analysts have put a neutral rating and improved price target of $20.20 on the job listings company's shares. This price target implies potential downside of 7.3%. While the broker is positive on SEEK's future growth prospects, it isn't a fan of its current valuation.
