On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week on a mildly positive note. The benchmark index rose slightly to 7,415.5 points.
Will the market be able to build on this on Monday? Here are five things to watch:
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ASX 200 expected to rise
The Australian share market looks set to have a positive start to the week. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.4% higher this morning. This is despite a mixed ended to the week on Wall Street, which saw the Dow Jones rise 0.2%, the S&P 500 fall 0.1%, and the Nasdaq drop 0.8%.
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 pushed higher on Friday night. According to Bloomberg, the WTI crude oil price is up 1.5% to US$83.76 a barrel and the Brent crude oil price has risen 1.1% to US$85.53 a barrel. Prices rose amid tightening US supply.
Elders named as a buy
The Elders Ltd (ASX: ELD) share price could be great value according to analysts at Goldman Sachs. This morning the broker put a conviction buy rating and $15.65 price target on the agribusiness company. This implies potential upside of ~37%. Goldman believes it is a compelling growth opportunity underpinned by strong fundamentals.
Gold price rises
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week strongly after the gold price stormed higher on Friday night. According to CNBC, the spot gold price rose 0.8% to US$1,796.30 an ounce. A softening US dollar boosted the price of the precious metal.
Iron ore price rebounds
BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares could rise today after the spot iron ore price rebounded on Friday night. According to Metal Bulletin, the benchmark iron ore price rose 2.2% to US$119.52 a tonne. The low grade iron ore price climbed 3.7%, which will be good news for Fortescue shareholders.
