The Australian market looks set to open higher following a mixed result on Wall Street on Friday.

The March share price index futures contract is up 23 points at 5,335.

US stocks finished trade on Friday mostly lower as outgoing Federal Reserve Chairman Ben Bernanke called for continued efforts to cement the economic recovery.

The Dow Jones Industrial Average rose 28.64 points to 16,469.99 and the broad-based S&P 500 slipped 0.61 points to 1,831.37.

In Australia on Friday, the benchmark S&P/ASX200 index lost 17.8 points, or 0.33 per cent, to 5,350.1 points.

The broader All Ordinaries index fell 18 points, or 0.34 per cent, at 5,351.8.

On Monday, the Australian Industry Group will release its Performance of Services Index (PSI) for December.