It was another positive week for the S&P/ASX 200 Index (ASX: XJO) last week.
The benchmark index continued its strong form and recorded a weekly gain of 33 points or 0.5% to end at 6,634.1 points.
Another busy week is expected next week. Here are five things to watch:
ASX futures pointing higher.
The Australian share market looks set to start the week on a high. According to the latest SPI futures, the ASX 200 is poised to open the week 42 points higher. This follows a strong finish to the week on Wall Street. On Friday night, the Dow Jones jumped 0.8%, the S&P 500 climbed 0.9%, and the Nasdaq rose 0.7%. This led to the Dow Jones reaching a new record high.
The Metcash Limited (ASX: MTS) share price could be on the move on Monday when the wholesale distributor releases its half year results. According to a note out of Goldman Sachs, its analysts are expecting Metcash to report an 11.5% increase in revenue to $7,011 million. This is expected to be driven by a 7.6% increase in Food sales, a 12% lift in Liquor sales, and a 27.5% jump in Hardware revenue. On the bottom line, Goldman is forecasting an underlying net profit after tax of $116.3 million.
The Westpac Banking Corp (ASX: WBC) share price will be on watch on Friday when the banking giant holds its annual general meeting. This annual general meeting looks set to be very different to 2019’s event. A year earlier, the bank was facing the backlash of shareholders who were angry with its handling of the money laundering and child exploitation scandal. Westpac could provide an update on its COVID-19 provisions and current trading conditions.
Bank of Queensland AGM.
The Bank of Queensland Limited (ASX: BOQ) share price will be in focus on Tuesday when it holds its annual general meeting. Shareholders will no doubt be keen to see how the regional bank is faring in the first half of FY 2021. In the last financial year the bank recorded $133 million in COVID-19 collective provisions. They will be optimistic that no further provisions will be necessary.
Dividends being paid.
A number of companies will be paying their dividends next week. This includes banking giant National Australia Bank Ltd (ASX: NAB), which is paying shareholders 30 cents per share. Also paying dividends are building products company CSR Limited (ASX: CSR), which is paying a 12.5 cents per share dividend, and grain exporter GrainCorp Ltd (ASX: GNC), which is rewarding shareholders with a 7 cents per share dividend.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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