On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a small gain. The benchmark index rose 0.2% to 7,040.8 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 to rise again
The Australian share market looks set to open the week higher following a relatively positive finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.2% higher on Monday. In the United States, the Dow Jones was up 0.3% and the S&P 500 rose 0.1%, but the NASDAQ fell 0.1%.
Oil prices tumble
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could start the week in the red after oil prices fell on Friday night. According to Bloomberg, the WTI crude oil price was down 2% to US$75.54 a barrel and the Brent crude oil price was down 1% to US$80.58 a barrel. Traders were selling oil after OPEC postponed its meeting.
Iron ore softens
BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) shares could have a subdued session. On Friday night the mining giants' shares fell on Wall Street after iron ore prices softened on both the SGX and Dalian Exchange.
Allkem rated as a buy
Allkem Ltd (ASX: AKE) shares are in the buy zone according to Goldman Sachs. In its most recent lithium industry review, the broker has reaffirmed its buy rating and $10.90 price target. This implies a potential upside of 29% for investors. Goldman remains positive on Allkem despite forecasting a sharp decline in lithium prices in 2024.
Gold price rises
ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a solid start to the week after the gold price pushed higher on Friday. According to CNBC, the spot gold price was up 0.5% to US$2,023.5 an ounce. A weaker US dollar due to rate hike pause hopes boosted the precious metal.
