5 things to watch on the ASX 200 on Monday 2 October 2023

5 things to watch on the ASX 200 on Monday

The ASX 200 is expected to open the week in the red on Monday.

James Mickleboro

Author Bio James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas. Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends. His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed. Areas of Expertise ASX shares Growth and dividend investing Broker research Interpreting company announcements Market news Portfolio strategy Long-term wealth creation Education Bachelor of Politics, Philosophy and Economics. CFA Institute Social Media LinkedIn James is the founder of Evermore Asset Management, which focuses on undercovered global stocks. Favourite Investment Quote "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett

Published October 2, 2023 6:50 am AEDT

On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a decent gain. The benchmark index rose 0.35% to 7,048.6 points.

Will the market be able to build on this on Monday? Here are five things to watch:

Business woman watching stocks and trends while thinking — Image Source: Getty Images

ASX 200 expected to fall

The Australian share market looks set to open the week lower following a reasonably poor finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 38 points or 0.55% lower on Monday. In the United States, the Dow Jones was down 0.5% and the S&P 500 fell 0.3%, but the NASDAQ edged 0.15% higher.

Oil prices fall

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch after a poor session for oil prices on Friday night. According to Bloomberg, the WTI crude oil price was down 1% to US$90.79 a barrel and the Brent crude oil price was down 1% to US$92.20 a barrel. Despite this soft showing, oil prices ended the quarter up almost 30%.

Rinehart nabs more Liontown shares

Liontown Resources Ltd (ASX: LTR) shares will be on watch today after Gina Rinehart's Hancock Prospecting increased its interest in the lithium developer. Rinehart has lifted her stake in Liontown to 12.36% and continues to criticise the company's development of the Kathleen Valley Lithium Project.

Gold price drops

ASX 200 gold shares Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a subdued start to the week after the gold price fell on Friday night. According to CNBC, the spot gold price was down 0.7% to US$1,866.1 an ounce. Rate hike concerns have been weighing on sentiment.

Bank of Queensland named as a sell

The Bank of Queensland Ltd (ASX: BOQ) share price could be overvalued according to analysts at Goldman Sachs. This morning, the broker has put a sell rating and a $5.59 price target. It said: "While the company's transformation program is the right long-term strategy to deliver a stronger and simpler bank, we believe it does leave the bank more exposed to inflation in non-staff costs."

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