June 26 (Reuters) – Australian shares are set to open flat
on Monday, as gains in commodity-driven stocks are expected to
offset losses in the financial sector.
South Australia imposed a surprise tax on Australia’s five
biggest banks on Thursday, prompting predictions that other
states could follow suit. The financial index closed
down 0.4 percent on Friday.
However, commodity prices improved over the weekend with
gold, iron ore and oil edging higher.
The local share price index futures rose nearly 0.1
percent or 3 points to 5,662, a 53.9-point discount to the
underlying S&P/ASX 200 index close.
The benchmark rose 0.2 percent on Friday to close at
5,715.875, but ended the week down 1 percent.
New Zealand’s benchmark S&P/NZX 50 index fell 0.1
percent in early trade.
(Reporting by Chris Thomas; Editing by Bill Rigby)