On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in the red. The benchmark index dropped 0.65% lower to 8,420.9 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
The Australian share market looks set for a poor start to the week following a mixed finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.3% lower. In the United States, the Dow Jones was down 0.3%, but the S&P 500 rose 0.25% and the Nasdaq stormed 0.8% higher.
It looks set to 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 on Friday. According to Bloomberg, the WTI crude oil price was down 1.6% to US$67.20 a barrel and the Brent crude oil price was down 1.4% to US$71.12 a barrel. Oil prices posted a weekly decline despite OPEC+ pushing back its production hikes.
ANZ Group Holdings Ltd (ASX: ANZ) shares will be on watch today amid reports that the banking giant could be on the lookout for a new leader. According to the AFR, ANZ's CEO, Shayne Elliott, is expected to announce his retirement this week. The report claims that the big four bank will appoint an outsider to oversee the integration of its $4.9 billion Suncorp Bank purchase. ANZ has yet to confirm or deny the speculation.
ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a decent start to the week after the gold price pushed higher on Friday night. According to CNBC, the gold futures price was up 0.4% to US$2,6596 an ounce. The gold price climbed after US economic data supported rate cut bets.
Iluka Resources Limited (ASX: ILU) shares could have huge upside according to analysts at Goldman Sachs. This morning, the broker responded to Friday's selloff by reiterated its buy rating and $7.70 price target on the mineral sands and rare earths company's shares. The broker said: "Attractive valuation: trading at ~0.5x NAV (~A$9.34/sh) and pricing in almost no value to the rare earth refinery and Wimmera rare earth project."
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