On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week on a positive note. The benchmark index rose 0.45% to 8,987.4 points.
Will the market be able to build on this on Monday? Here are five things to watch:
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ASX 200 expected to rise again
The Australian share market looks set for a good start to the week following a mixed finish to the last one on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 29 points or 0.3% higher. In the United States, the Dow Jones was up 0.5%, the S&P 500 rose a fraction, and the Nasdaq edged 0.3% lower.
Oil prices rise
It could be a positive start to the week for ASX 200 energy shares 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 0.65% to US$60.88 a barrel and the Brent crude oil price was up 0.65% to US$64.53 a barrel. News that OPEC would only modestly increase its output due to supply glut concerns gave prices a lift.
Eagers Automotive rated as a hold
Eagers Automotive Ltd (ASX: APE) shares are fully valued now according to analysts at Bell Potter. In response to its Canadian expansion, the broker has retained its hold rating with an improved price target of $31.25 (from $24.00). It said: "We have increased the multiples we apply in the PE ratio and EV/EBITDA valuations from 20x and 8.5x to 25x and 9.25x due to the stronger growth outlook for CanadaOne than the traditional Eagers business and also the likelihood of cost synergies over the short to medium term."
Gold price jumps
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could start the week strongly after the gold price jumped again on Friday night. According to CNBC, the gold futures price was up 1% to US$3,908.9 an ounce. This meant that the precious metal recorded its seventh consecutive weekly gain. The driver on Friday was US government shutdown concerns and increased rate cut bets.
Digico given hold rating
DigiCo Infrastructure REIT (ASX: DGT) shares are close to fair value according to Bell Potter. This morning, the broker has retained its hold rating on the data centre operator's shares with an improved price target of $3.20. It said: "Pleasing to see leasing / contract win momentum for DGT following a testing maiden year post IPO, with recent, with multiple senior industry hires aimed at delivering operational wins."
