On Friday, the S&P/ASX 200 Index (ASX: XJO) finished a very difficult week with a small daily gain. The benchmark index rose 0.1% to 6,997.8 points.
Will the market be able to build on this on Monday? Here are five things to watch:
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ASX 200 expected to surge higher
The Australian share market looks set to start the week on a very positive note following a strong finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day a massive 166 points or 2.4% higher this morning. On Wall Street, the Dow Jones jumped 2.5%, the S&P 500 climbed 2.25%, and the Nasdaq rose 1.6%.
Oil prices pull back
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a tough start to the week after oil prices pulled back. According to Bloomberg, the WTI crude oil price fell 1.3% to US$91.59 a barrel and the Brent crude oil price dropped 1.2% to US$97.93 a barrel. Traders appear to have been taking a bit of profit off the table following strong gains during the week.
Zip half year results
The Zip Co Ltd (ASX: Z1P) share price will be on watch today when it releases its half year results. While its financials have largely been pre-released, there has been speculation that the buy now pay later (BNPL) provider could announce a capital raising with its results this morning.
Gold price drops
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a poor start to the week after the gold price tumbled lower on Friday night. According to CNBC, the spot gold price fell 2% to US$1,887.60 an ounce. The safe haven asset dropped after investors flooded back into risk assets.
Bank of Queensland half year results
The Bank of Queensland Limited (ASX: BOQ) share price could be one to watch when it releases its half year results. According to CommSec, the market consensus estimate is for a net profit after tax of $202.6 million for the first half. The market is also expecting the regional bank to declare an interim dividend of 24.3 cents per share.
