SYDNEY (REUTERS) - Australian stocks are set to open up nearly 1 percent on Monday, drawing support from strong gains on Wall Street.

The local share price index futures rose 0.7 per cent to 5,002 to sit at a 2.4-point discount to the underlying S&P/ASX 200 index .AXJO. The benchmark rose 0.6 percent on Friday.

New Zealand's benchmark S&P/NZX 50 index rose 0.26 percent in early trade.