After a modest setback on Monday, US shares climbed overnight to a fresh high as investors returned to the market on upbeat outlook on the economy. Meanwhile, positive company earnings reports also helped to lift the market sentiment.
The Australian shares yesterday started the new financial year with a significant fall led by financial and resources stocks. The benchmark S&P/ASX200 index lost 80.9 points, or 2.05 per cent, to 3874 points, while the broader All Ordinaries index was 75.5 points, or 1.91 per cent lower, at 3872.3 points.
The Australian share market is expected to open lower today after Wall St fell over one per cent on Friday. On the Sydney Futures exchange, the September share price index futures contract lost 74 points, or 1.49 per cent, to 4,880.
The Australian share market rose 0.9 per cent on Friday as resource stocks, led by gold and oil companies, surged on higher commodity prices and the banks pared early losses.