Aust share market expected to open higher
Market watch top headlines
MELBOURNE, Jan 28 AAP
January 28 2013, 09:59AM
The Australian share market is expected to open higher when trading resumes on Tuesday.
The local market is closed on Monday for the Australia Day public holiday.
In the United States on Friday, the Dow Jones Industrial Average gained 70.65 points, or 0.51 per cent, at 13,896.0 points.
Stocks were boosted by earnings from the world's largest consumer products maker, Procter & Gamble, which reported that its quarterly income had more than doubled.
The company also raised its profit forecast for its full fiscal year.
Starbucks was another positive influence on the US market after it reported a 13 per cent increase in profits.
The broad-based S&P 500 index lifted 8.14 points, or 0.54 per cent, to 1,502.96 points.
The tech-heavy Nasdaq Composite index added 19.33 points, or 0.62 per cent, to 3,149.71 points.
AMP Capital head of investment strategy Shane Oliver said the Australian market should have a positive start on Tuesday.
"Reflecting the strong gains in Europe and the US, ASX 200 futures rose another 31 points or 0.6 per cent, suggesting a positive start to trade next week," Dr Oliver said.
"Although bear in mind that due to the Australia Day holiday, global share markets will have another day's worth of trading before the local share market opens again on Tuesday."
On the company front, Oil Search releases its fourth quarter production report on Tuesday, Wesfarmers releases its second quarter sales results on Wednesday, and Woolworths releases its second quarter sales results on Thursday.
On the economic front, the National Australia Bank on Tuesday releases its monthly business survey for December, the Australian Bureau of Statistics on Thursday issues international trade prices indexes for the December quarter while producer prices indexes for the December quarter are due out on Friday.
Last Friday on the Australian market, the main indices closed half a percentage point higher as investors chased higher yielding financial stocks.
The benchmark S&P/ASX200 index was 25.0 points, or 0.52 per cent higher at 4,835.2 points, while the broader All Ordinaries index was up 25.1 points, or 0.52 per cent, at 4,858.9 points.
By Trevor Chappell