On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a small gain. The benchmark index rose 0.2% to 7,325.3 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to edge lower
The Australian share market is poised to open the week lower following a poor finish to the last one on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points lower on Monday. In the United States, the Dow Jones was down 0.4%, the S&P 500 fell 0.5%, and NASDAQ dropped 0.35%.
Oil prices rise again
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could start the week positive after oil prices pushed higher again on Friday night. According to Bloomberg, the WTI crude oil price was up 1.6% to US$82.82 a barrel and the Brent crude oil price climbed 1.3% to US$86.24 a barrel. This was the sixth week in a row of gains for oil prices thanks to tightening supplies.
ResMed remains a buy
The ResMed Inc. (ASX: RMD) share price decline could be a buying opportunity according to Goldman Sachs. It responded to ResMed's update by retaining its buy rating with a $38.40 price target. It said: "FY23 gross margin of 56.5% remains -330bps below FY20 levels, with a sequential deterioration of 30bps from 3Q to 4Q the primary driver of a (5)% earnings miss. […] However, in the context of various unprecedented market dynamics, the factors suppressing GM are generally understandable and likely to improve."
Gold price rises
ASX 200 gold shares Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price rose on Friday night. According to CNBC, the spot gold price was up 0.5% to US$1,978.2 an ounce. Weaker bond yields boosted gold's appeal.
ANZ rated as a buy
Goldman Sachs also continues to rate ANZ Group Holdings Ltd (ASX: ANZ) shares as a buy despite the ACCC blocking its acquisition of the banking operations of Suncorp Group Ltd (ASX: SUN). Its analysts have a price target of $27.38 on the bank's shares. Goldman notes that ANZ can still appeal the decision with the independent Australian Competition Tribunal.
