July 31 (Reuters) - Australian shares are set to open slightly up on Monday as higher commodity and oil prices may lead to gains in material and energy stocks.
The local share price index futures YAPcm1 was up 0.4 percent, or 24 points, to 5,658, a 44.8 point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark fell 1.4 percent in its previous session.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.16 percent, or 12.24 points, to 7,651.75 at 2214 GMT.