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.
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.”