On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week in style. The benchmark index rose 1.1% to 8,238 points.
Will the market be able to build on this on Monday? Here are five things to watch:
The Australian share market looks set for a good start to the week on Monday following a strong finish to the week on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 32 points or 0.4% higher. In the United States, the Dow Jones rose 1.4%, the S&P 500 climbed 1.5%, and the Nasdaq stormed 1.5% higher.
It could be a poor start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices fell again on Friday night. According to Bloomberg, the WTI crude oil price was down 1.6% to US$58.29 a barrel and the Brent crude oil price was down 1.35% to US$61.29 a barrel. This led to oil prices recording their biggest weekly loss in a month ahead of OPEC's meeting.
All eyes will be on the Westpac Banking Corp (ASX: WBC) share price this morning when the banking giant releases its eagerly anticipated half year results. According to a note out of Macquarie, its analysts are forecasting a pre-provision operating profit of $5,422 million for the half. This is expected to lead to a fully franked interim dividend of 76 cents per share, which is flat on the second half of FY 2024.
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 rose on Friday night. According to CNBC, the gold futures price was up 0.65% to US$3,243.3 an ounce. However, easing US-China trade tensions meant the pressure metal recorded a weekly decline.
Nickel Industries Ltd (ASX: NIC) shares could be dirt cheap according to analysts at Bell Potter. This morning, the broker has reaffirmed its buy rating on the nickel producer's shares with an improved price target of $1.51. This is almost triple its current share price of 55 cents. It said: "NIC is one of the world's largest listed nickel producers and offers exposure across a range of nickel products and markets. It continues to make money in a tough market, benefitting from its upstream and downstream operations, diversifying its risk. It offers attractive production and margin growth in CY25, unfranked dividends and trades on undemanding forward valuation multiples."
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