SYDNEY (XFN-ASIA) - Share prices are expected to open higher as investors push aside Friday's weaker close in New York and refocus on corporate activity, dealers said.
They said resources stocks should also gain following rises in oil and metal prices.
Dealers said merger and acquisition is back on the agenda following Friday's announcement by retailing major Coles Group that its board is prepared to consider offers for the group.
Qantas will also be in focus following a media report that Prime Minister John Howard has rejected calls to block the Macquarie Bank-led Airline Partners Australia consortium's 11.1 bln aud bid for the national flag carrier.
The S&P/ASX 200 March futures contract ended its last session steady at 6,017.0 points.
On Friday, share prices closed at new record highs again aided by strength in resource stocks, with the broader All Ordinaries index finishing above 6,000 points for the first time.
The S&P/ASX 200 closed up 19.0 points or 0.32 pct at a record 6,036.1 after touching a fresh intraday high of 6,052.1.
The broader All Ordinaries index advanced 18.2 points to end at a new high of 6,009.3, off a fresh intraday peak of 6,024.7.
In New York, the Dow Jones Industrial Average fell 38.54 or 0.30 pct to settle at 12,647.48 as investors worried about rising oil prices.
News Corp closed up 0.12 pct while National Australia Bank's American Depositary Receipts eased 0.38 pct.
In London, shares closed higher led by gains in the mining sector. The FTSE 100 index closed up 20.6 points at 6,401.5.
BHP Billiton added 1.28 pct while Rio Tinto rose 1.47 pct.
Oil prices rose to nine-week highs on Friday on worries about Iran's nuclear dispute with the United Nations and tighter US supplies in the latest week. The April crude contract rose 0.19 usd to finish at 61.14 usd a barrel on the New York Mercantile Exchange.
Base metal prices posted solid gains on the London Metal Exchange on Friday, led by nickel. Nickel jumped 4.6 pct to record highs, buoyed by continued low stocks. Copper gained 2.9 pct on technical factors.
Gold prices hit multi-months highs on Friday, underpinned by geopolitical concerns and high energy prices. The most active April Comex gold contract rose 3.70 usd or 0.5 pct to 686.70 usd an ounce.
(1 usd = 1.26 aud)
bruce.hextall@xfn.com
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