5 things to watch on the ASX 200 on Monday

It looks set to be a great day for investors on Monday!

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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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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