SYDNEY (XFN-ASIA) - Share prices are expected to open firmer after Wall Street advanced Friday and with the listing of the government's third sale of shares in leading telco Telstra Corp Ltd likely to provide additional buying momentum, dealers said.
The 15.5 bln aud worth of T3 shares in Telstra are due to be listed at 11.30 am local time. The price was set at 3.70 aud a share on Sunday following strong demand from institutional investors.
However, dealers said gains are likely to be capped by selling in resource stocks after base metal prices fell in London trading on Friday.
The S&P/ASX 200 December futures ended its Friday session down 11.0 points at 5,421.0.
In local trading, share prices closed higher as investor sentiment got a boost from further gains in US stocks while lower metal prices capped the broader market's rise.
The S&P/ASX 200 rose 27.1 points or 0.50 pct to settle at 5,419.7. The All Ordinaries climbed 27.6 points to end at 5,391.5.
The Dow Jones Industrial Average closed up 36.74 points or 0.3 pct at a record 12,342.56 on Friday.
News Corp was down 0.45 pct but National Australian Bank's American Depositary Receipts finished up 0.93 pct.
In London, the FTSE 100 lost 62.9 points or 1.01 pct to settle at 6,192.0. BHP Billiton dropped 3.61 pct and Rio Tinto shed 4.13 pct.
In crude oil trading, the expiring December Nymex crude contract ended down 0.45 usd at 55.81 usd a barrel, but the new front-month January contract rose 0.40 usd to 58.97 usd a barrel.
Base metal prices were broadly lower in London trade as the larger-than-expected fall in US housing starts weighed.
Gold prices were little changed, with a weaker US dollar cancelling out a rise in oil prices. The December benchmark Comex gold contract ended up 0.80 usd at 622.50 usd an ounce.
(1 usd = 1.30 aud)
paul.daniel@xfn.com
pd/mas