5 things to watch on the ASX 200 on Monday 9 January 2023

On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a solid gain. The benchmark index rose 0.65% to 7,109.6 points.

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

ASX 200 expected to jump

The Australian share market looks set to continue its rise on Monday following a strong finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 70 points or 1% higher this morning. On Wall Street, the Dow Jones was up 2.1%, the S&P 500 rose 2.3%, and the NASDAQ jumped 2.55%. Investors were piling back into shares after signs that inflation is easing sparked hopes that interest rates may not rise as much as feared.

Oil prices mixed

ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued start to the week after a mixed finish to the week for oil prices. According to Bloomberg, the WTI crude oil price was up 0.15% to US$73.77 a barrel and the Brent crude oil price fell 0.15% to US$78.57 a barrel. Oil prices were down over 8% for the week amid global recession concerns.

Tech shares on watch

It could be a great session for tech shares such as Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) on Monday after their US counterparts stormed higher on Friday. Investors were scrambling to buy tech shares amid signs that inflation is easing. The NYSE listed Block Inc (ASX: SQ2) share price jumped almost 7%.

PEXA added to ASX 200

The PEXA Group Ltd IASX: PXA) share price will be one to watch on Monday after S&P Dow Jones Indices announced that the property settlements company would be added to the ASX 200 index. PEXA will replace Pendal Group Ltd (ASX: PDL), which is merging with Perpetual Limited (ASX: PPT).

Gold price jumps

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a solid start to the week after the gold price stormed higher on Friday. According to CNBC, the spot gold price was up 1.6% to US$1,869.7 an ounce during the session. The precious metal climbed to a six-month high thanks to signs that inflation is easing.