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Tuesday, 02 December 2008

Aussie stock market tipped to follow strong US lead

11/08/2008 6:00:00 AM.  | 
The Australian stock market is expected to open higher on Monday after the Wall Street lifted more than 302 points on Friday night.

At 0639 AEST, the September share price index futures contract on the Sydney Futures exchange was 72 points higher at 5,034.

Monday's events include the Reserve Bank of Australia's quarterly statement on monetary policy and the Australian Bureau of Statistics' lending finance data for June.

The Housing Industry Association of Australia's national and state outlook for the June quarter, and the Australian Office of Financial Management (AOFM) will announce tender results for $600 million of 6.25 per cent June 2014 bonds.

Crane Group Ltd, United Group Ltd and Bendigo and Adelaide Bank Ltd all are scheduled to release preliminary results for 2008.

The Australian share market closed marginally firmer on Friday as trading consolidated following the previous day's financial sector run.

The benchmark S&P/ASX200 index rose 2.9 points to 4,986.2, while the broader All Ordinaries rose 7.6 points to 5,037.6.

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