On Thursday, the S&P/ASX 200 Index (ASX: XJO) ended the shortened week with a gain. The benchmark index rose 0.5% to 7,555.4 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to rise again
Another positive session is expected for the Australian share market on Monday. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.4% higher this morning. On Friday on Wall Street, the Dow Jones was up 0.15%, the S&P 500 fell 0.1%, and the Nasdaq dropped 0.35%. This couldn't stop the latter two indices from recording solid weekly gains.
Oil prices climb
It could be a decent start to the week for ASX 200 energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rose on Friday night. According to Bloomberg, the WTI crude oil price was up 0.85% to US$78.01 a barrel and the Brent crude oil price was up 1.35% to US$83.55 a barrel. Oil prices had their best week since September amid optimism over US economic growth and Chinese stimulus.
ResMed shares named as a buy
ResMed Inc (ASX: RMD) shares are in the buy zone according to analysts at Goldman Sachs. In response to its second quarter update, the broker has reiterated its buy rating and lifted its price target on the sleep treatment company's shares to $33.50. Goldman said: "We believe there is sufficient positivity to continue to see asymmetric upside risk at current valuations."
Gold price broadly flat
It looks like it could be a subdued start to the week for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price traded broadly flat on Friday. According to CNBC, the spot gold price was up a fraction to US$2,018.2 an ounce. Traders appear nervous ahead of the US Federal Reserve's interest rate meeting this week.
Sell Beach Energy shares
The team at Goldman Sachs thinks investors should be selling Beach Energy Ltd (ASX: BPT) shares. This morning, the broker has retained its sell rating on the energy producer's shares with a slightly improved $1.66 price target. This sell rating is due largely to its valuation. The broker said: "While we see upside potential for BPT trading at a ~10% discount to NAV, we currently see more attractive opportunities within our upstream energy coverage with average ~20% upside."
