The Australian market looks set to open higher later this morning after Wall Street gained on Friday night amid news eurozone ministers have agreed to extend Greece’s bailout by four months.
The March share price index futures contract is up 14 points, at 5859.
There is no major local economic news slated for release today.
In equities news, Boart Longyear, oOh! Media and Caltex Australia are expected to post full year results while Beach Energy, BlueScope Steel, Lend Lease, Godfreys, Brambles and nib Holdings are slated to release half year results.
- SPI futures up 14pts at 5859 on Saturday morning
- AUD at 78.39 US cents, 93.35 Japanese yen, 68.80 Euro cents and 50.89 British pence
- On Wall St, S&P 500 +0.6%, Dow +0.9%, Nasdaq +0.6%
- In Europe, Stoxx 50 +0.1%, FTSE +0.4%, CAC flat, DAX +0.4%
- Spot gold down $US4.52 or 0.4% to $US1202.32 an ounce
- Iron ore is at $US63.44 per tonne
- Brent oil down 11 US cents or 0.2% to $US60.10 per barrel
What’s on today:
US existing home sales.
Earnings from Beach Energy, BlueScope Steel, GPT Group, Lend Lease, Spark Infrastructure, UGL.
Stocks to watch:
Drillsearch Energy is rated ‘outperform’ at Credit Suisse with a target price of $1.20.
UBS is ‘neutral’ on Wesfarmers with a 12-month target price of $43 a share. “Wesfarmers is considered a high quality business, operating in attractive industries with strong management, but at around 20x FY15E PE we believe the stock looks fairly fully priced.”