The local share market is expected to open firmly higher following meaningful gains in overseas markets on Friday.
Snapping back from a heavy loss on Thursday, US shares closed 2% higher on Friday. The strong rebound in the Dow Jones and S&P 500 came as a result of better-than-expected jobs data, which revived optimism for the economy in the face of interest rate rises.
Oil prices slumped 1.5% on the jobs news, while gold prices rose 2.4%, according to Fairfax media. Iron ore prices fell below $US40 per tonne, according to The Metal Bulletin.
FTSE-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) closed 0.4% higher and 1.5% lower, respectively.
Closer to home, the Sydney Futures Exchange is pointing to 0.6% jump in the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).
Oil and gas producers Woodside Petroleum Limited (ASX: WPL) and Oil Search Limited (ASX: OSH) will be in focus following the fall in commodities overnight. The share prices of Rio Tinto, BHP and Fortescue Metals Group Limited (ASX: FMG) may also come under pressure, thanks to the ongoing slide in market prices for iron ore.
Shares of Dick Smith Holdings Ltd (ASX: DSH), Spotless Group Holdings Ltd (ASX: SPO) and Slater & Gordon Limited (ASX: SGH) encountered significant share price volatility last week.
In an announcement to the ASX this morning, Spark New Zealand Ltd (ASX: SPK) announced the acquisition of IT infrastructure and professional services company, Computer Concepts Limited for $50 million.
In broker news from Friday, Credit Suisse rates Oil Search as 'neutral', while Deutsche Bank analysts downgraded shares of Mantra Group Limited (ASX: MTR) to a 'hold', according to FN Arena.
