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5 things to watch on the ASX 200 on Monday

James Mickleboro
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On Friday the S&P/ASX 200 index ended the week on a positive note. The benchmark index pushed 0.35% higher to 6,707 points.

Will the local share market be able to build on this on Monday? Here are five things to watch:

ASX 200 expected to rise.   

It looks set to be a very good day of trade for the S&P/ASX 200 index following a positive end to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to jump 0.5% or 35 points at the open. A strong jobs report led to Wall Street’s Dow Jones rising 1.2%, the S&P 500 pushing 0.9% higher, and the Nasdaq index climbing 1%.

Oil prices jump.

Beach Energy Ltd (ASX: BPT), Woodside Petroleum Limited (ASX: WPL), and the rest of Australia’s energy producers could be on the rise today after oil prices jumped. According to Bloomberg, the WTI crude oil price rose 1.3% to US$59.20 a barrel and the Brent crude oil price stormed 1.6% higher to US$64.39 a barrel. Oil prices pushed higher after OPEC and its allies announced deep production cuts.

Gold price sinks.

It looks set to be a disappointing day of trade for gold miners such as Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) after the spot gold price sank lower. According to CNBC, the spot gold price fell 1.2% to US$1,465.1 an ounce after the strong jobs report.

Tech shares on watch.

Australia’s leading tech shares such as Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX) could be solid performers today after a strong finish to the week by their U.S. counterparts. The technology-focused Nasdaq index rose 1% on Friday.

Scentre rated as a buy.

The Scentre Group (ASX: SCG) share price will be on watch today after it was the subject of a positive note out of Goldman Sachs. According to the note, the broker has retained its buy rating and lifted the price target on the company’s shares to $4.29. This price target implies potential upside of 11.1% excluding dividends.

The post 5 things to watch on the ASX 200 on Monday appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium and Appen Ltd. The Motley Fool Australia has recommended Scentre Group. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019