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On Friday, the S & P / ASX 200 Index (ASX: XJO) ended the week on a positive note. The benchmark rose 0.45% to 6,678 points.
Will the market be able to build it on Monday? Here are five things to see:
The ASX 200 is expected to go up
The Australian stock market looks set to start the week with a gain despite a mixed night on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open 20 points or 0.3% more this morning. On Wall Street, the Dow Jones was down 0.15%, the S&P 500 was down 0.1% and the Nasdaq was up 0.1%.
Oil prices are rising
Energy producers Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a good start to the week after oil prices rose on Friday. According to Bloomberg, the price of WTI crude rose 2% to $ 104.79 a barrel and the price of Brent crude rose 2.3% to $ 107.02 a barrel. This could not prevent oil prices from falling weekly amid fears of recession.
Woolworths received a conviction purchase rating
The stock price of Woolworths Group Ltd (ASX: WOW) could be of great value according to analysts at Goldman Sachs. This morning, the broker reiterated its purchase rating and added the retail giant’s shares to its list of convictions with a target price of $ 40.50. Goldman commented: “WOW now has a 10% higher advantage (the third highest in our consumer / retail coverage, but with clear catalysts to revalue)”
The price of gold is rising
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a positive start to the week after the price of gold rose Friday night. According to CNBC, the price of spot gold rose 0.15% to $ 1,742.3 an ounce. Despite this, the price of gold recorded its fourth consecutive weekly decline.
Domino’s has downgraded to sell
The stock price of Domino’s Pizza Enterprises Ltd (ASX: DMP) could have a tough day after being the subject of a bearish note from Goldman Sachs. According to the statement, the broker has downgraded the actions of the pizza chain operator to a sell rating and reduced the target price to $ 59.20. Goldman believes consensus earnings estimates are too high due to possible “lower revenues in Japan and Europe due to lower store growth and not being able to completely overcome cost inflation.”