The Australian market looks set to open higher following Wall Street's lead which gained on renewed confidence that the US Federal Reserve stimulus program would continue.

At 3.32am, the March share price index futures contract was up 21 points at 5014.

No major local economic news is expected today.

In equities news, Patties Foods and IOOF Holdings are expected to post first half results while Caltex Australia and Spark Infrastructure Trust are expected to announce full year results.

In Australia, the market on Friday partially reversed its big sell-off with a solid finish after the Reserve Bank's positive comments about the economy.

The benchmark S&P/ASX200 index was up 38 points, or 0.76 per cent, at 5018.1 points on Friday, while the broader All Ordinaries index added 38.1 points, or 0.76 per cent, to 5036.7 points.