On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in a very disappointing fashion. The benchmark index sank 1.7% to 7,042.3 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market is expected to open the week higher despite a poor finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.3% higher on Monday. In the United States, the Dow Jones was down 0.55%, the S&P 500 fell 0.3%, and NASDAQ dropped 0.1%.
Oil prices charge higher
It should 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 night. According to Bloomberg, the WTI crude oil price was up 2.9% to US$73.86 a barrel and the Brent crude oil price rose 2.55% to US$78.47 a barrel. Oil prices climbed to nine-week highs on supply concerns.
Collins Foods shares go ex-div
Collins Foods Ltd (ASX: CKF) shares are due to go ex-dividend this morning and could trade lower. Last month, the quick-service restaurant operator released its full-year results and declared a fully franked final dividend of 15 cents per share. This will be paid to eligible shareholders on 1 August.
Gold price rises
ASX 200 gold miners Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price pushed higher on Friday night. According to CNBC, the spot gold price was up 0.8% to US1,930.5 an ounce. The gold price rose after bond yields and the US dollar dipped.
IGO remains a buy
According to its weekly lithium update, Goldman Sachs believes that the IGO Ltd (ASX: IGO) share price is still good value. The broker has a buy rating and a $16.10 price target on the battery materials miner's shares. Goldman notes that "IGO has the highest average FCF/t of the peers."
