On Friday, the S&P/ASX 200 Index (ASX: XJO) was on fire and raced notably higher. The benchmark index rose 1.15% to 7,145.6 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 following a mixed night on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.2% lower this morning. On Wall Street, the Dow Jones was flat, the S&P 500 was also flat, and the Nasdaq fell 0.3%.
Oil prices rise
Energy producers Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a positive start to the week after oil prices pushed higher. According to Bloomberg, the WTI crude oil price rose 0.35% to US$110.28 a barrel and the Brent crude oil price climbed 0.45% to US$112.55 a barrel.
Elders half-year results
The Elders Ltd (ASX: ELD) share price will be on watch when the agribusiness company releases its half-year results. According to a note out of Goldman Sachs, its analysts expect Elders to report a 13% increase in sales revenue to $1,245.2 million and a 27% lift in EBIT to $93.7 million. This would mean Elders “is on track to deliver towards the upper end of guidance for 20-30% EBIT growth in FY22.”
Gold price rises slightly
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price traded largely flat on Friday night. According to CNBC, the spot gold price is fetching US$1,848.4 an ounce. This couldn’t stop the precious metal from adding 2% last week.
Woolworths share price is in the buy zone
The Woolworths Group Ltd (ASX: WOW) share price is in the buy zone according to analysts at Goldman Sachs. In response to its proposed acquisition of MyDeal.com Au Ltd (ASX: MYD), Goldman has retained its buy rating and $41.70 price target on the retail giant’s shares. While the deal is immaterial today, Goldman notes that the “key will be how WOW can leverage the capabilities and existing consumer assets of MyDeal to drive synergies with its existing business.”