On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a stellar gain. The benchmark index rose 1.15% to 6,978.2 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to open the week higher following a strong finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open 14 points or 0.2% higher on Monday. In the United States, the Dow Jones was up 0.65% and the S&P 500 rose 0.95%, and the NASDAQ jumped 1.4%.
Oil prices fall
It could be a tough start to the week for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices pulled back on Friday night. According to Bloomberg, the WTI crude oil price was down 2.35% to US$80.51 a barrel and the Brent crude oil price was down 2.25% to US$84.89 a barrel. Oil prices fell after the geopolitical risk premium reduced.
The Westpac Banking Corp (ASX: WBC) share price will be one to watch on Monday. That's because Australia's oldest bank is scheduled to release its full-year results. Goldman Sachs expects cash earnings of $7,133 million and a fully franked dividend of $1.40 per share. The consensus estimate is higher at $7,409 million and $1.411 per share.
Gold price edges higher
ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a positive start to the week after the gold price edged higher. According to CNBC, the spot gold price was up 0.3% to US$1,999.9 an ounce. Gold firmed on Friday amid hopes that the US Federal Reserve's hikes could be at an end.
Macquarie rated neutral
Macquarie Group Ltd (ASX: MQG) shares have been rated as neutral by analysts at Goldman Sachs with a price target of $180.80. While the broker likes the company, it isn't a fan of its current valuation. It said: "We remain optimistic on the business's medium-term outlook, which remains well positioned to benefit from both the global push towards decarbonisation and further infrastructure investment. That said, with the stock trading on a 12-month fwd PER of 15x, which is c.6% above its long-term average of 14.1x, offering only 12% upside."