On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week in a positive fashion. The benchmark index rose 0.6% to 7,120.2 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to start the week in the red despite a positive finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 41 points or 0.6% lower this morning. On Wall Street, the Dow Jones fell 0.05%, the S&P 500 rose 0.5%, and the Nasdaq stormed 1.6% higher.
Oil prices push higher
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a strong start to the week after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price rose 2.25% to US$92.31 a barrel and the Brent crude oil price rose 2.4% to US$93.27 a barrel. Oil prices hit seven-year highs after a winter storm in Texas heightened supply concerns.
ANZ Q1 update
The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price will be on watch this morning when it becomes the latest big four bank to release its first quarter update. All eyes will be on the bank's net interest margin (NIM) amid the aggressive competition for home loans. Also worth looking out for will be ANZ's cost growth. Goldman expects the bank's costs to grow 0.9% over the 12 months.
Gold price edges higher
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week in the green after the gold price rose on Friday night. According to CNBC, the spot gold price rose 0.2% to US$1,807.8 an ounce. The gold price pushed higher after inflation concerns offset higher US treasury yields.
Pro Medicus shares upgraded to buy rating
The Pro Medicus Limited (ASX: PME) share price could be in the buy zone according to the team at Bell Potter. This morning the broker has upgraded the health imaging technology company's shares to a buy rating with a $55.00 price target. Bell Potter believes recent weakness has created a buying opportunity.
