On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week with a modest gain. The benchmark index rose slightly to 7,644.8 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to open flat
The Australian share market looks set for a subdued start to the week despite a reasonably positive finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day flat. On Friday on Wall Street, the Dow Jones was down 0.15%, but the S&P 500 rose 0.6% and the Nasdaq jumped 1.25%.
Oil prices rise
ASX 200 energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could start the week positively after oil prices rose on Friday night. According to Bloomberg, the WTI crude oil price was up 0.8% to US$76.84 a barrel and the Brent crude oil price was up 0.7% to US$82.19 a barrel. Oil prices rose amid rising tensions in the Middle East.
JB Hi-Fi results
JB Hi-Fi Limited (ASX: JBH) shares will be on watch today when the retail giant releases its half year results. Morgans sees scope for JB Hi-Fi to surprise to the upside. It said: "We think there's a good chance JB Hi-Fi could surprise positively in its 1H24 result. We forecast EBIT of $371.0m, 4% above consensus of $358.2m."
Gold price falls
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could trade lower after the gold price fell on Friday. According to CNBC, the spot gold price was down 0.45% to US$2,038.70 an ounce. Rising bond yields reduced the appeal of the precious metal.
Boral rated as a sell
Boral Ltd (ASX: BLD) shares are overvalued according to analysts at Goldman Sachs. According to a note, the broker has reiterated its sell rating on the building materials company's shares with a $5.40 price target. Goldman said: "Although the turnaround has gained momentum, the upside appears to be substantially priced into the stock suggesting near flawless execution is required."
