On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a decent gain. The benchmark index rose 0.3% to 7,452.2 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to rise gain
The Australian share market looks set to rise again on Monday following a strong finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 34 points or 0.45% higher this morning. On Wall Street, the Dow Jones was up 1%,the S&P 500 rose 1.9%, and the NASDAQ jumped 2.65%.
Oil prices rise
It could be a good start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after a solid finish to last week for oil prices. According to Bloomberg, the WTI crude oil price was up 1.3% to US$81.64 a barrel and the Brent crude oil price rose 1.7% to US$87.63 a barrel. Oil prices rose on Chinese demand optimism.
Tech shares on watch
It could be a great session for tech shares such as Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) on Monday after their US peers stormed higher on the Nasdaq Friday. Jeff Kilburg, the founder and CEO of KKM Financial, told CNBC: "You're seeing more weight go into some of the beat-up technology and because people are becoming a little bit more thoughtful of opportunity in the absolute tech wreck we saw in 2022."
South32 quarterly
The South32 Ltd (ASX: S32) share price will be on watch today when the mining giant releases its quarterly update. According to a note out of Goldman Sachs, its analysts expects South32 to report copper production of 17kt, met coal production of 1,450kt, alumina production of 1,402kt, and nickel production of 11kt.
Gold price edges lower
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a subdued start to the week after the gold price edged lower on Friday. According to CNBC, the spot gold price fell 0.15% to $1,925.33 per ounce after the US dollar firmed. However, this couldn't stop the precious metal from recording its fifth successive weekly gain.
