5 things to watch on the ASX 200 on Monday

Here’s what to expect on Monday…

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On Friday the S&P/ASX 200 Index (ASX: XJO) finished a volatile week on a positive note. The benchmark index rose 1.3% to finish the week at 7,453.3 points.

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

ASX 200 expected to edge higher

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 2 points higher this morning. This follows a poor end to the week on Wall Street, which saw the Dow Jones trade flat, the S&P 500 fall 0.4%, and the Nasdaq drop 1%.

Oil prices fall

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices finished the week in the red. According to Bloomberg, the WTI crude oil price fell 0.7% to US$78.90 a barrel and the Brent crude oil price dropped 0.3% to US$81.75 a barrel. This couldn’t stop oil prices recording strong weekly gains amid Kazakh and Libyan concerns.

Treasury Wine shares rated neutral

The Treasury Wine Estates Ltd (ASX: TWE) share price could be fully valued according to the team at Goldman Sachs. This morning the broker retained its neutral rating and lifted its price target on the wine giant’s shares to $11.80. While the broker was pleased with its acquisition of Frank Family Vineyards, it notes that industry data updates remain weak.

Gold price higher

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week on a positive note after the gold price pushed higher on Friday night. According to CNBC, the spot gold price rose 0.45% to US$1,787.40 an ounce. The gold price pushed higher after weaker than expected US jobs data.

ResMed rated neutral

ResMed Inc. (ASX: RMD) shares have also been given a neutral rating and $37.20 price target this morning by Goldman Sachs. This follows the company’s appearance at one of the broker’s Healthcare Conferences. Goldman notes that management sees clear scope for tailwinds from a competitor recall to persist beyond 2022. Though, supply chain challenges continue to restrict the opportunity and elevated freight/distribution costs remain a key margin headwind.

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