Australia shares set to open higher; NZ rises

Australian shares were poised to open higher on Monday, tracking a strong session on Wall Street ahead of the weekend, while firmer commodity prices are likely to boost oil and gas companies and mining stocks.

The local share price index futures rose 0.7%, a 49-point premium to the underlying S&P/ASX 200 index close.

The benchmark gained 0.5% on Friday.

New Zealand's benchmark S&P/NZX 50 index rose 0.5% to 12,404.64 points in early trade.