Market wrap: the Australian market is expected to start the week in positive territory after a late rally on Wall Street on Friday. The major US stock indexes were near flat until the end of the session but spiked in the final minutes to gains of 0.1 - 0.5%.
Oil and gas companies were big gainers as the price of crude rose 4% to $53.20 on hopes that the worst of the recession is behind us. That's the highest level since late March. Losses in banks (-2%) and REITs (-4.5%) restricted gains on the major indexes.
Zinc led a big rally in base metals as traders bet on a recovery in the global economy. Most are back within striking distance of last month's highs. Gold slipped less than 0.5% to recently trade at $885.80.
Futures traders expect a solid start to the week. The SPI closed 23 points ahead at 3782.
Resources stocks look the place to be this morning if you can find a reasonable entry. Oilers should do very well and base metals miners look set for another run at recent highs.
