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.
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.