Australia shares seen higher, resources sector to lead
SYDNEY, April 27 (Reuters) - Australian stocks are set to
open higher on Monday as firmer iron ore prices and a strong
finish on Wall Street puts the market on track to test the 6,000
barrier.
Australia's local stock index futures rose 0.4
percent to 5,962.0, a 28.7-point premium to the close of the
underlying S&P/ASX 200 index on Friday. The benchmark
jumped 1.5 percent in the last session to post its best
performance in five weeks.
Since hitting 5,996.9 in early March, the index has
repeatedly failed to break the key psychological barrier and
six-year peak of 6,000.
The heavyweight resources sector is expected to lead gains
after U.S. ADRs of global miner BHP Billiton (NYSE: BBL - news) ended
nearly 2 percent higher on Friday.
Iron ore prices jumped 6 percent on Friday to
$57 a tonne, the highest since mid-March.
New Zealand markets are closed for a public holiday.
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(Reporting by Cecile Lefort; Editing by Richard Pullin)