On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with the smallest of declines. The benchmark index dropped slightly to 8,717.8 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market looks set for a good start to the week following a positive 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 29 points or 0.35% higher. In the United States, the Dow Jones was up 0.5%, the S&P 500 rose 0.65%, and the Nasdaq jumped 0.8%.
Oil prices rise
It could be a good start to the week for ASX 200 energy shares such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rose on Friday night. According to Bloomberg, the WTI crude oil price was up 2.35% to US$59.12 a barrel and the Brent crude oil price was up 2.2% to US$63.34 a barrel. This was driven by concerns over Iranian supply.
Buy Develop Global shares
The team at Bell Potter thinks investors should be buying Develop Global Ltd (ASX: DVP) shares. According to the note, the broker has retained its buy rating on the mining and mining services company's shares with an improved price target of $5.80. It said: "With Woodlawn de-risking behind us, DVP presents a unique small-cap copper-zinc exposure that is relatively undervalued compared with peers in the Resources space."
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 pushed higher again on Friday night. According to CNBC, the gold futures price was up 0.9% to US$4,500.9 an ounce. Geopolitical concerns and US interest rate cut optimism were behind the rise.
Hold Atlas Arteria shares
Analysts at Morgans think that Atlas Arteria Group (ASX: ALX) shares are fairly valued at current levels. They have retained their hold rating on the toll road operator's shares with a trimmed price target of $4.74. The broker said: "Forecast of ALX free cashflow and cash reserves is downgraded (but we still see ALX as capable of sustaining the current DPS of 40 cps until at least the end of the decade). DCF-based business-as-usual valuation of ALX reduces 30 cps to $4.43/sh, due to the forecast changes. 12 month target price (which includes a mild premium for potential takeover activity) declines 31 cps to $4.74/sh."
