5 things to watch on the ASX 200 on Monday

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

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On Friday the S&P/ASX 200 Index (ASX: XJO) finished a difficult week on a positive note. The benchmark index rose 0.2% to finish the week at 7,241.2 points.

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

ASX 200 expected to rise

The Australian share market looks set to start the week on a mildly positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.15% higher this morning. This is despite a very red end to the week on Wall Street, which saw the Dow Jones fall 0.2%, the S&P 500 drop 0.85%, and the Nasdaq tumble 1.9%.

Oil prices mixed

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices had a mixed finish to the week. According to Bloomberg, the WTI crude oil price fell 0.35% to US$66.26 a barrel and the Brent crude oil price rose 0.3% to US$69.88 a barrel. This follows comments out of OPEC stating that it will act if demand weakens.

Quarterly rebalance

S&P Dow Jones Indices has announced the December quarterly rebalance of the S&P/ASX Indices. This has seen six changes to the ASX 200. This includes Kogan.com Ltd (ASX: KGN), Nearmap Ltd (ASX: NEA), and Redbubble Ltd (ASX: RBL) being dumped out of the index on 20 December.

Gold price storms higher

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week on a very positive note after the gold price stormed higher on Friday night. According to CNBC, the spot gold price rose 1.3% to US$1,783.90 an ounce. COVID concerns and lower bond yields boosted demand for gold.

Metcash half year results

The Metcash Limited (ASX: MTS) share price will be one to watch on Monday when it releases its half year results. According to a note out of Ord Minnett, its analysts are expecting a net profit of $141 million for the six months. This is expected to allow the company to pay an interim dividend of 10.5 cents per share.

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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 Kogan.com ltd and Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd and Nearmap 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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