Market wrap: Australian traders expect a positive start to the week after healthy rises on Wall Street and in Europe on Friday. US stocks ended higher for the second consecutive day on Friday but lower for the first week in seven on better-than-expected profit results and optimism that most banks will clear government stress testing. The major indexes closed 1.5 - 2.5 % higher.
The gains were broad, with banks and REITs both up around 5% and oilers and gold miners also on the rise. Oil continued its bounce from under $45 early last week to above $51.50 on Friday, up 4% for the session. Gold also carried higher, up 1% to recently trade at $913, its highest level in three weeks. Most base metals joined the rally in commodities, bouncing after a week of declines.
Futures traders tip a green day on the local market. The SPI rose 43 points to 3775.
There's a strong lead there for the ASX, with strength in overseas financials, REITs and commodity prices offering plenty of sectors to explore. Can't see any reason why our market shouldn't recover some of last week's losses.
