On Friday the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark index rose 0.45% to 7,308 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 poised to edge higher
The Australian share market is expected to start the week slightly higher. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points or 0.1% higher. This follows a reasonably positive end to the week on Wall Street, which saw the Dow Jones rise 0.7%, the S&P 500 climb 0.3%, and the Nasdaq edge slightly lower.
Oil prices rebound
It could be a positive start to the week for energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price rose 1% to US$74.05 a barrel and the Brent crude oil price rose 0.8% to US$76.18 a barrel. Strong demand led to oil prices recording their fifth weekly gain.
The Metcash Limited (ASX: MTS) share price will be on watch today when it hands in its full year results. According to a note out of Goldman Sachs, its analysts are expecting the wholesale distributor to record an 8.2% increase in revenue to $14,088 million. This is expected to be driven by Food sales and its hardware business, offsetting the loss of two major supply contracts. On the bottom line, Goldman is forecasting underlying EBIT of $432.3 million.
Gold price slightly higher
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price edged higher on Friday night. According to CNBC, the spot gold price rose 0.1% to US$1,777.80 an ounce. This meant the precious metal recorded a small weekly gain.
The Costa Group Holdings Ltd (ASX: CGC) share price is due to return from its trading halt this morning. The horticulture company requested the halt last week so it could raise funds to acquire 2PH Farms for $200 million. Credit Suisse is a fan of its plan. Its analysts believe 2PH is an excellent business, has significant strategic value, and comes at a fair price.