On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week on a positive note. The benchmark index rose 0.4% to 8,621.4 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set for a good start to the week following a strong finish to the last one on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 41 points or 0.45% higher. In the United States, the Dow Jones was up 0.4%, the S&P 500 rose 0.9%, and the Nasdaq stormed 1.3% higher.
Oil prices charge higher
It could be a decent start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices charged higher on Friday night. According to Bloomberg, the WTI crude oil price was up 0.9% to US$56.52 a barrel and the Brent crude oil price was up 1.1% to US$60.47 a barrel. Traders were bidding oil prices higher after Donald Trump wouldn't rule out a war with Venezuela.
Quarterly rebalance
This morning, a number of ASX 200 shares will leave the benchmark index after being kicked out at the quarterly rebalance. Leaving the index this morning are the likes of Bapcor Ltd (ASX: BAP), HMC Capital Ltd (ASX: HMC) and Corporate Travel Management Ltd (ASX: CTD). Joining the index this morning are stocks including Aussie Broadband Ltd (ASX: ABB), Resolute Mining Ltd (ASX: RSG), and Silex Systems Ltd (ASX: SLX).
Gold price rises
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price pushed higher on Friday night. According to CNBC, the gold futures price was up 0.5% to US$4,387.3 an ounce. Rate cut optimism gave the gold price a boost.
Buy Boss Energy shares
Bell Potter thinks that investors should be buying Boss Energy Ltd (ASX: BOE) shares after their sell off. This morning, the broker has reaffirmed their buy rating on the uranium producer's shares with a reduced price target of $2.00 (from $2.90). It said: "Our valuation assumes production at Honeymoon over the short 10Y mine life is limited to ~1.6Mlbs pa and costs remain elevated, until such a time that management have completed the work to guide otherwise."
