Wall Street has started the week modestly higher, although Facebook shares plunged more than 13 per cent below the initial public offering price of $US38.

A $188 million takeover offer for garage door maker Alesco from Paint maker DuluxGroup will close at the end of June.

The Australian dollar has improved its prosition slightly after last week's large fall, but will need concrete news from the euro zone to consolidate.

James Hardie has warned its earnings this year could be affected by Australia's weakening housing market.

Australian stocks closed higher, driven by a rebound in resource and finance stocks, as world leaders reaffirmed they wanted beleaguered Greece to remain in the euro zone.

Shares in printer and publisher PMP gained 5 per cent after the release of more details about a takeover offer worth up to $252.5 million.

Laboratory group Campbell Brothers has posted a 68 per cent rise in full year profit and expects further growth in the year ahead.

Orica says it will build an explosives plant to supply the iron ore industry, shrugging off concerns the sector has limited growth potential.

Stocks to watch on the Australian stock exchange at close on Monday:

The $40.5 million profit for the first six months of Elders' fiscal year included a $34.4 million gain from one-off items.