Aust stocks set to open higher

Local market tipped to begin stronger following gains on Wall Street last week.

The Australian sharemarket looks set to open higher after solid gains on Wall Street with the Dow Jones Industrial Average reaching a fresh high at the end of last week.

At 6.45am (AEST), the September share price index futures contract was up 10 points at 5,390.

The Dow on Friday rose 25.62 points to 16,947.08.

Locally, no major economic or equities news is expected on Monday.

Meanwhile, Wesfarmers chief executive Richard Goyder is slated to speak at The West Australian's Leadership Matters lunch in Perth.

In Australia, the market on Friday gave up most of the previous day's gains to end the week on a negative tone.

The market ignored solid offshore leads, provided by the US Federal Reserve suggesting it would keep interest rates low.

The benchmark S&P/ASX200 index dropped 48.7 points, or 0.89%, to 5,419.5.

The broader All Ordinaries index shed 44.8 points, or 0.82%, to 5,401.6.

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