5 things to watch on the ASX 200 on Monday

The ASX 200 looks set to have a strong start to the week…

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On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a very strong day. The benchmark index fell 1.75% to 6,474.8 points.

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

ASX 200 expected to jump

The Australian share market looks set to start the week on a very positive note after a particularly strong night on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 103 points or 1.6% higher this morning. On Wall Street, the Dow Jones was up 2.7%, the S&P 500 rose 3.1%, and the Nasdaq jumped 3.3%.

Oil prices rebound

Energy producers Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a good start to the week after oil prices rebounded on Friday. According to Bloomberg, the WTI crude oil price rose 3.2% to US$107.62 a barrel and the Brent crude oil price climbed 2.7% to US$113.12 a barrel. However, this couldn’t stop oil prices from recording a second weekly decline on recession fears.

Metcash results

The Metcash Limited (ASX: MTS) share price will be on watch on Monday when the wholesale distributor releases its full year results. According to a note out of Goldman Sachs, its analysts expect Metcash to report a 1.8% increase in revenue to $16.6 billion and a 6% lift in underlying net profit to $268 million. The latter is lower than the consensus estimate of $279 million.

Gold price flat

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a soft start to the week after the gold price traded flat on Friday night. According to CNBC, the spot gold price ended the week at US$1,830.3 an ounce. This led to gold recording a small weekly decline amid a stronger US dollar.

NAB shares rated as a buy

The National Australia Bank Ltd (ASX: NAB) share price is great value according to analysts at Goldman Sachs. This morning the broker has retained its conviction buy rating with an improved price target of $34.26. Goldman has amended its “FY22/23/24E EPS by +0.6%/+2.0%/+2.3% post the completion of NAB’s acquisition of Citigroup’s Australian Consumer business.”

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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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