ASX Set to Open Higher as Wall Street Hits Record
The Australian sharemarket is expected to open higher on Monday, following record highs on Wall Street and stronger gold and oil prices. ASX futures are pointing to a gain of 33 points, or 0.4%, with investors taking their cue from the US market.
However, the major banks finished lower on Friday, weighed down by weakness across the sector. Commonwealth Bank fell 1.03%, National Australia Bank declined 1.1%, Westpac dropped 1.56% and ANZ gave up 1%. Financial stocks were also a drag on the index.
On the other hand, gold miners performed strongly as bullion held above US$4,200 an ounce during the session. Newmont Corporation rose 2.68% and Northern Star Resources added 2.3%, while Evolution Mining fell 3.08%. The major diversified miners were mixed, with BHP broadly steady and Rio Tinto edging higher.
The Reserve Bank of Australia (RBA) will meet on Tuesday to decide on interest rates, which could have a significant impact on the market. Corporate earnings will also remain in focus as reporting season accelerates, with CAR Group due to report today, followed by Commonwealth Bank and Seek on Wednesday.