5 things to watch on the ASX 200 on Monday 16 January 2023

5 things to watch on the ASX 200 on Monday

Here's what to expect from the ASX 200 on Monday…

James Mickleboro

Author Bio James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas. Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends. His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed. Areas of Expertise ASX shares Growth and dividend investing Broker research Interpreting company announcements Market news Portfolio strategy Long-term wealth creation Education Bachelor of Politics, Philosophy and Economics. CFA Institute Social Media LinkedIn Favorite Investment Quote "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett

Published January 16, 2023 6:21 am AEDT

On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a solid gain. The benchmark index rose 0.65% to 7,109.6 points.

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

Smiling man with phone in wheelchair watching stocks and trends on computer — Image Source: Getty Images

ASX 200 expected to rise gain

The Australian share market looks set to continue its rise on Monday following a decent finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 35 points or 0.5% higher this morning. On Wall Street, the Dow Jones was up 0.3%, the S&P 500 rose 0.4%, and the NASDAQ climbed 0.7%. The latter had its best week since November.

Oil prices rise

It looks set to be a solid start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after a positive finish to the week for oil prices. According to Bloomberg, the WTI crude oil price was up 2.15% to US$80.07 a barrel and the Brent crude oil price rose 1.7% to US$85.43 a barrel. Oil prices rose on China hopes and US dollar weakness.

Tech shares on watch

It could be a good session for ASX 200 tech shares such as Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) on Monday. This follows a solid session for their US counterparts on the NASDAQ index on Friday. Investors have been buying tech shares again amid signs that inflation is easing.

ASX 200 bank shares on watch

ASX 200 bank shares such as Commonwealth Bank of Australia (ASX: CBA) will be on watch on Monday. Investors will no doubt be hoping that a strong session for US based banks will rub off on the local sector today. On Wall Street, Bank of America climbed 2.2%, JP Morgan rose 2.5%, and Wells Fargo pushed 3.3% higher.

Gold price rises again

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could be heading higher today after the gold price rose again on Friday. According to CNBC, the spot gold price was up 1.3% to US$1,923 an ounce. The precious metal had a strong week thanks to optimism that the US Federal Reserve will slow its rate hikes.

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