SYDNEY (XFN-ASIA) - Share prices are expected to open higher, buoyed by gains in the Dow industrials on Friday amid signs that the recent market correction may have run its course, dealers said.
But the market's advance may be limited because of caution in the aftermath of the correction while weaker commodity prices will also cap gains in resources stocks.
The S&P/ASX 200 March futures contract ended its last session up 22.0 points at 5,837.0.
On Friday, the S&P/ASX 200 gained 7.9 points or 0.14 pct to end at 5,830.2, with the key index regaining 0.76 pct over the trading week after the previous week's 4.14 pct plunge.
The broader All Ordinaries index rose 10.6 points to close at 5,810.2.
In New York, the Dow Jones Industrial Average ended up 15.62 points or 0.13 pct at 12,276.32.
News Corp eased 0.27 pct while National Australia Bank's American Depositary Receipts fell 0.52 pct.
In London, share prices ended a volatile session higher helped by merger and acquisition activity. The FTSE 100 closed up 17.5 points or 0.28 pct at 6,245.2.
BHP ended down 0.24 pct while Rio Tinto fell 1.02 pct.
Oil prices followed gasoline futures lower and settled near 60 usd a barrel on Friday as traders positioned themselves before the weekend. Light, sweet crude for April delivery dropped 1.59 usd to settle at 60.05 usd a barrel on the New York Mercantile Exchange.
Base metal prices were lower on Friday as traders locked in profits ahead of the weekend following a good run in the metals markets in recent days. Copper was also under pressure from a strong increase in Shanghai stock levels.
The price of gold fell as the US dollar gained against major currencies after nonfarm payroll data for February showed creation of new jobs was continuing at a reasonable pace despite some sluggishness in parts of the economy.
The April Comex gold contract ended down 3.50 usd at 652.00 usd an ounce.
Ahead in Australia, housing finance data for January will be released.
(1 usd = 1.28 aud)
bruce.hextall@xfn.com
blh/mas