On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in a positive fashion. The benchmark index rose 0.2% to 7,154.8 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to race higher
The Australian share market is expected to have a stellar session following an impressive finish to last week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 70 points or 1% higher on Monday. In the United States, the Dow Jones was up 1%, the S&P 500 rose 1.3%, and NASDAQ jumped 2.2%. US debt ceiling progress boosted markets.
Oil prices charge higher
It looks set to be a good start to the week for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices charged higher on Friday. According to Bloomberg, the WTI crude oil price was up 1.2% to US$72.67 a barrel and the Brent crude oil price rose 0.9% to US$76.95 a barrel. Optimism over a US debt ceiling deal being reached boosted prices.
Nickel Industries named as a bargain buy
Analysts at Bell Potter believe that Nickel Industries Ltd (ASX: NIC) shares could be a bargain buy. This morning, the broker has reiterated its buy rating with a $1.73 price target. This implies 100% upside. It commented: "Its aggressive growth outlook and undemanding valuation metrics make it one of our top picks."
Gold price edges higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued start to the week after the gold price edged higher on Friday night. According to CNBC, the spot gold price rose 0.05% to US1,963.1 per ounce. Traders appear undecided on where gold is heading from here.
ALS results
The ALS Ltd (ASX: ALQ) share price will be in focus today. That's because the testing services company is scheduled to release its full-year results this morning. ALS has provided FY 2023 underlying net profit after tax guidance of between $312 million and $322 million.
