The Australian sharemarket is set to begin the week higher, after encouraging jobs data from the United States and gains in iron ore prices.

At 4am on the ASX 24, the March share price index futures contract was up 18 points at 4723.

Wall Street's S&P500 index hit its highest level in five years on Friday after the US economy added 155,000 jobs in December, keeping its jobless rate at 7.8 per cent.

Locally, there is no economic data due to be released.

On Friday, the benchmark S&P/ASX200 index fell 16.9 points, or 0.36 per cent, to 4723.8 points and the broader All Ordinaries index eased 18.5 points, or 0.39 per cent, to 4742.9 points.

The West Australian

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