On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with the smallest of gains. The benchmark index rose a fraction to 8,211.3 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to edge lower
The Australian share market looks set for a subdued start to the week following a mixed session on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 2 points lower. In the United States, the Dow Jones was down 0.6%, the S&P 500 was largely flat, and the Nasdaq rose 0.55%.
Oil prices push higher
ASX 200 energy shares such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a positive start to the week after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price was up 2.3% to US$71.78 a barrel and the Brent crude oil price was up 2.3% to US$76.05 a barrel. Rising Middle East tensions drove oil prices 4% higher for the week.
IGO quarterly update
IGO Ltd (ASX: IGO) shares will be on watch on Monday when the battery materials company releases its first quarter update. According to the market is expecting IGO to report lithium spodumene production of 356kt and sales of 363kt. This is expected to be achieved with cash costs of $353 per tonne and a realised spodumene price of $931 per tonne. Spodumene revenue of $507 million is forecast for the three months.
Gold price rises
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 again on Friday. According to CNBC, the gold futures price was up 0.4% to US$2,760.8 an ounce. US election uncertainty has led to increased demand for safe haven assets.
Buy Qantas shares
The team at Goldman Sachs thinks that Qantas Airways Limited (ASX: QAN) shares are in the buy zone right now. In response to the airline operator's market update last week, the broker has retained its buy rating and lifted its price target to $8.90. It said: "Valuation is still attractive in our view. QAN is trading 14% and 5% above pre-COVID market capitalization and enterprise value despite structurally improved earnings capacity (PBT) that is 72% above pre-covid in FY25e with EPS 83% higher."
