On Friday, the S&P/ASX 200 Index (ASX: XJO) was on form and raced higher. The benchmark index jumped 1.6% to 8,731.7 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 despite a decent 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 13 points or 0.15% lower. In the United States, the Dow Jones was up 0.7%, the S&P 500 rose 0.2%, and the Nasdaq climbed 0.2%.
Oil prices fall
ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could start the week in the red after oil prices fell on Friday night. According to Bloomberg, the WTI crude oil price was down 1.75% to US$87.36 a barrel and the Brent crude oil price was down 1.7% to US$91.12 a barrel. This led to Brent crude oil posting its largest monthly loss in six years.
Buy Goodman shares
Bell Potter has named Goodman Group (ASX: GMG) shares as a buy this week. In its latest weekly REIT review, the broker has named the industrial property giant as a buy with a $36.45 price target. Based on its last close price of $31.67, this implies potential upside of 15% for investors over the next 12 months.
Gold price charges higher
ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price charged higher on Friday night. According to CNBC, the gold futures price was up 1.35% to US$4,593 an ounce. Traders were buying gold after oil prices pulled back on US-Iran ceasefire optimism.
Sell CBA shares
The team at Medallion Financial Group thinks Commonwealth Bank of Australia (ASX: CBA) shares are a sell. According to The Bull, it thinks CBA's premium valuation is unjustified given tough trading conditions and fading earnings momentum. It said: "Australia's largest bank carries a premium valuation. Slowing credit growth, sticky inflation and proposed property tax changes are headwinds for this mortgage heavy business. Sentiment took a material hit recently when the stock posted its largest single-day decline of about 10 per cent since listing in 1991 following a disappointing trading update. Earnings momentum is fading and the valuation is still trading at a significant premium to peers."
The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Goodman Group and Woodside Energy Group Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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