5 things to watch on the ASX 200 on Monday

Here’s what to expect on Monday on the ASX 200…

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On Friday the S&P/ASX 200 Index (ASX: XJO) was on form and finished the week on a positive note. The benchmark index rose 0.9% to 7,320.1 points.

Will the market be able to build on this on Monday? Here are five things to watch:

ASX 200 expected to edge lower

The Australian share market looks set to start the week on a subdued note. According to the latest SPI futures, the ASX 200 is expected to open the day 4 points or 0.05% lower this morning. This follows a soft end to the week on Wall Street, which saw the Dow Jones edge slightly lower, the S&P 500 fall 0.2%, and the Nasdaq drop 0.5%.

Oil prices rise

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a solid start to the week after oil prices rose on Friday night. According to Bloomberg, the WTI crude oil price is up 1.05% to US$79.35 a barrel and the Brent crude oil price has risen 1.2% to US$82.39 a barrel. Prices rose 3.9% and 4.6%, respectively, over the five days amid supply concerns.

PointsBet named as a buy

The Pointsbet Holdings Ltd (ASX: PBH) share price could be in the buy zone according to analysts at Goldman Sachs. This morning the broker retained its buy rating and $14.75 price target on the sports betting and iGaming provider. Goldman was recently at a conference in Las Vegas where the management teams of PointsBet and other gaming companies were attending. It notes that the companies reported stronger near-term top-line trends in online even as challenging comparisons are lapped.

Gold price edges lower

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price edged lower on Friday night. According to CNBC, the spot gold price fell 0.1% to US$1,757.40 an ounce. The precious metal hit a two-week high at one stage after US jobs data fell short of expectations.

Iron ore prices charge higher

BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) shares could have a good day after the spot iron ore price strengthened. According to Metal Bulletin, the benchmark iron ore price jumped 5.4% to US$123.38 a tonne on Friday night.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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