The Australian market looks set to open higher later this morning, following gains on Wall Street on Friday night.
The June share price index futures contract was up 43 points, at 5645.
Wall Street stocks surged more than one per cent on Friday after new data showed that the US economy added a solid 223,000 jobs in April and the unemployment rate fell to a seven-year low of 5.4 per cent.
In local economic news today, the National Austraia Bank releases its monthly business survey and in equities news, Incitec Pivot half year results are due out.
* SPI futures closed up 43pts to 5645
* AUD at 79.43 US cents, 95.04 Japanese yen, 70.91 Euro cents and 51.39 British pence
* On Wall St, S&P 500 +1.4%, Dow +1.5%, Nasdaq +1.2%
* In Europe, Stoxx 50 +2.6%, FTSE 100 +2.3%, CAC 40 +2.5%, DAX +2.7%
* Iron ore jumps 1.7% to $US61.40 per tonne
* Spot gold rose $US3.88 to $US1188.39 an ounce
* Brent crude rose 3 US cents to $US65.57 a barrel
What’s on today:
Australia NAB business survey
Stocks in focus:
Commonwealth Bank analyst Sam Teeger has a “neutral” recommendation on Village Roadshow as he initiates coverage with a price target of $6 a share. He says the theme parks are facing cyclical issues, but are well-placed over the medium term.
Citi is maintaining a “neutral” recommendation, with a $19.90 price target, on Orica, which is facing a cyclical correction. “We would expect the group to be relatively cautious about the market backdrop but more upbeat about its strategic positioning and the medium term outlook.”