On Friday, the S&P/ASX 200 Index (ASX: XJO) was out of form and sank into the red. The benchmark index fell 0.9% to 8,666.9 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
Image source: Getty Images
ASX 200 expected to fall
The Australian share market looks set to edge lower on Monday following a poor finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 32 points or 0.4% lower. In the United States, the Dow Jones was down 1.2%, the S&P 500 fell 1.6%, and the Nasdaq tumbled 2.25%.
Oil prices tumble
It could be a poor start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices tumbled on Friday night. According to Bloomberg, the WTI crude oil price was down 2.8% to US$67.33 a barrel and the Brent crude oil price was down 2.8% to US$69.67 a barrel. This was driven by news that OPEC is making another large increase in its output.
Beach results
The Beach Energy Ltd (ASX: BPT) share price will be on watch today when the energy giant releases its full year results. A strong result is expected from the energy producer, which is guiding to a 20% lift in underlying EBITDA and a 30% jump in underlying net profit after tax. A full year dividend of 6.1 cents per share is expected by the market. This will be up 52% on the prior corresponding period.
Gold price jumps
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a great start to the week after the gold price jumped on Friday night. According to CNBC, the gold futures price was up 1.5% to US$3,399.8 an ounce. Traders were selling gold after the US dollar strengthened.
Sigma shares named as a sell
The Sigma Healthcare Ltd (ASX: SIG) share price is overvalued according to analysts at Bell Potter. According to a note, the broker has initiated coverage on the pharmacy chain operator's shares with a sell rating and $2.00 price target. It said: "Despite the great outcome for CWG shareholders, the current market capitalisation is not supported by expectations for earnings growth or dividend yield, accordingly we commence coverage with a Sell recommendation price target of $2.00. Short term catalysts include the imminent expiry of the first escrow date for co-founders to commence a partial sell down."
