May 17 (Reuters) - Australian shares on Friday are likely to track extended gains in U.S. equities, although cautious trade may take precedence ahead of the Australian federal election on Saturday.
The local share price index futures YAPcm1 rose 0.7% or 47 points to 6,392.0, a 64.2-point premium to the underlying S&P/ASX 200 index .AXJO close. The benchmark rose 0.7% on Thursday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 was largely flat in early trade.