Australian market set to open higher

THE Australian market looks set to open higher after US and European stocks surged as the latest bailout proposal from Greece lifted hopes.

THE Australian market looks set to open higher after US and European stocks surged as the latest bailout proposal from Greece lifted hopes for a breakthrough with creditors.

At 0645 AEST on Monday, the September share price index futures contract was up 35 points at 5,472.

In local economic news on Monday, the Australian Bureau of Statistics releases May’s lending finance figures.

In equities news, Mirrabooka Investments is expected to post full year results, while Warrnambool Cheese and Butter has its annual general meeting.

The benchmark S&P/ASX200 index was up 21 points, or 0.38 per cent, at 5,492 points.

The broader All Ordinaries index was up 21.8 points, or 0.4 per cent, at 5,478.1 points.