5 things to watch on the ASX 200 on Monday

Here's what to expect from the benchmark index this morning.

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On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week with a solid gain. The benchmark index rose 0.7% to 7,658.3 points.

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

ASX 200 expected to edge higher

The Australian share market looks set to edge higher on Monday despite a poor finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points higher. On Friday on Wall Street, the Dow Jones was down 0.4%, the S&P 500 fell 0.5%, and the Nasdaq dropped 0.8%.

Oil prices rise

It could be a good start to the week for ASX 200 energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices pushed higher on Friday night. According to Bloomberg, the WTI crude oil price was up 1.5% to US$79.19 a barrel and the Brent crude oil price was up 0.75% to US$83.47 a barrel. US crude oil is at its highest level since November amid rising tensions in the Middle East.

Westpac Q1 update

Westpac Banking Corp (ASX: WBC) shares will be on watch today when the banking giant releases its first quarter update. Commenting on the impending release, Goldman Sachs said: "On the outlook into 1H24, WBC noted: i) Persistent inflation, ii) Software amortisation headwind, iii) Risk & reg spend to remain elevated, iv) Focus on cost reset, and v) Sustained investment of A$2 bn pa over the next four years."

Gold price climbs

ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a decent start to the week after the gold price rose on Friday. According to CNBC, the spot gold price was up 0.5% to US$2,025.5 an ounce. This couldn't stop the precious metal from recording a second consecutive weekly decline.

Inghams rated as a sell

Inghams Group Ltd (ASX: ING) shares remain overvalued despite crashing on Friday according to analysts at Goldman Sachs. According to a note, the broker has reiterated its sell rating on the poultry producer's shares with a $3.15 price target. It said: "We continue to expect FY25E EBITDA to decline -6% vs FY24E as ING's operating conditions become more challenging to navigate without the tailwind of price increases."

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation and Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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