On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a strong gain. The benchmark index rose 1.25% to 7,777.7 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to climb again
The Australian share market looks set to rise again on Monday following a solid session on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 59 points or 0.75% higher. In the United States, the Dow Jones was up 0.1%, the S&P 500 was 0.5% higher, and the Nasdaq rose 0.5%.
Oil prices rise
ASX 200 energy shares such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a good start to the week after oil prices rose on Friday. According to Bloomberg, the WTI crude oil price was up 0.85% to US$76.84 a barrel and the Brent crude oil price was up 0.6% to US$79.66 a barrel. Easing US recession fears boosted oil prices.
Buy Life360 shares
Bell Potter thinks that Life360 Inc (ASX: 360) shares can keep rising despite hitting a record high on Friday. In response to the location technology company's stunning second quarter update, the broker has reaffirmed its buy rating with an improved price target of $20.50 (from $19.00). It commented: "2Q2024 revenue of US$84.9m was in line with our forecast but adjusted EBITDA of US$11.0m was well ahead of our forecast of US$8.0m. The key metrics of total paying circles, AMR and ARPPC were all ahead of our forecasts with the highlight being a record quarter for growth in paying circles of 132k."
Gold price rises
It could be a reasonably positive start to the week for ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price rose on Friday. According to CNBC, the spot gold price was up 0.3% to US$2,470.6 an ounce. This was driven by renewed rate cut optimism in the United States.
Car Group results
CAR Group Limited (ASX: CAR) shares will be on watch today when the online auto listings company releases its FY 2024. According to a note out of Goldman Sachs, its analysts are expecting the carsales.com.au operator to report sales of $1,095 million and EBITDA of $584 million. This is broadly in line with consensus estimates. It is then looking for guidance of $1,180 million and $646 million, respectively, for FY 2025.
