On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week on a positive note. The benchmark index rose 0.35% to 7,493.8 points.
Will the market be able to build on this on Monday? Here are five things to watch:
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ASX 200 expected to edge higher
The Australian share market looks set to rise slightly on Monday following a positive finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 12 points or 0.15% higher this morning. On Wall Street, the Dow Jones was up 0.1%, the S&P 500 rose 0.25 %, and the NASDAQ stormed 0.95% higher.
Oil prices fall
It could be a difficult start to the week for ASX 200 energy shares such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices pulled back on Friday. According to Bloomberg, the WTI crude oil price was down 2% to US$79.38 a barrel and the Brent crude oil price fell 1% to US$86.66 a barrel. Oil prices fell in response to a stronger supply outlook.
ResMed rated as a buy
The ResMed Inc (ASX: RMD) share price could be good value according to analysts at Goldman Sachs. In response to the sleep disorder treatment company's quarterly update, the broker has retained its buy rating with an improved price target of $38.00. Goldman commented: "Steady improvements in diagnosis rates and supply chain could widen opportunity for share gains."
Quarterly updates
It is likely to be another day filled with quarterly updates. Among those scheduled to release updates this morning are rare earths producer Lynas Rare Earths Ltd (ASX: LYC) and copper miner and BHP Group Ltd (ASX: BHP) takeover target, OZ Minerals Ltd (ASX: OZL).
Gold price softens
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 edged lower on Friday. According to CNBC, the spot gold price fell 0.1% to $1,927.6 per ounce. Despite this, the precious metal secured its sixth successive weekly gain.
