THE Australian market looks set to open higher following gains in oil prices and US and European sharemarkets.
The March share price index futures contract was up 76 points at 5,307.
On Friday, Wall Street stocks gained one per cent as oil prices rebounded, snapping a five-day losing streak that had left the equity market looking oversold to some investors.
In Australia, the market on Friday fell for a fifth straight day, capping its worst week in 18 months.
The Swiss central bank’s shock move to stop capping its currency’s value against the euro added to already low investor confidence.
The benchmark S&P/ASX200 index was down 32.2 points, or 0.61 per cent, at 5,299.2 points.
The broader All Ordinaries index was down 31.8 points, or 0.6 per cent, at 5,278.8 points.
Locally on Monday, TD Securities will release its inflation gauge for December.
Ameeta Parsuram ‘Meeta’ Psychologist, Poet & Lyricist