SYDNEY (AFX) - Share prices are expected to trade to fresh record highs with the key market indices set to smash through the psychologically important 5,000 barrier following positive leads from offshore markets on Friday, dealers said.
They said gains on Wall Street and a sharp rise in base metal prices will encourage investors.
The S&P/ASX 200 June futures contract ended its last session up 11.0 points at 4,998.0, also suggesting a positive start to trading.
On the corporate front, Coles Myer reported its first half results this morning after last week selling its Myer department stores for 1.4 bln aud to a consortium led by US-backed private equity firm Newbridge Capital.
On Friday, the benchmark S&P/ASX 200 index rallied in early trading to a fresh intra-day record high of 4,997.8 points but fell just short of the important 5,000 mark as traders closed out positions ahead of the weekend.
The index ended the day down 6.2 points or 0.12 pct at 4,971.7, slipping from the record high of 4,977.9 set on Thursday.
But, for the week, the key indicator gained 83.6 points or 1.7 pct.
The All Ordinaries Index eased 4.0 points on Friday to close at 4,932.7, also falling below the record close of 4,936.7 set on Thursday.
In New York, share prices closed higher on Friday, allowing the major indices to enjoy weekly gains, after investor concern about rising interest rates was soothed by data showing steady economic growth with inflationary pressures contained.
The Dow Jones Industrial Average rose 26.41 points to close at 11,279.65, rising 1.8 pct for the week.
News Corp fell 0.62 pct while National Australia Bank ADRs fell 1.36 pct.
In London, BHP Billiton eased 1.42 pct while Rio Tinto dropped 1.09 pct.
Crude oil prices eased on Friday as traders continued to weigh higher US crude stockpiles against ongoing geopolitical concerns.
The April Nymex contract fell 0.81 usd to 62.77 usd a barrel.
Base metal prices rose sharply in London trade on Friday with buying by fund managers driving copper and zinc to record highs.
On precious metals markets, silver lifted to fresh 22-year highs on Friday but gold fell for the first time in five sessions.
The Comex April gold quote fell 0.30 usd to 555.10 usd an ounce.
(1 usd = 1.37 aud)
bruce.hextall@xfn.com
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