The Australian share market has opened trading for 2014 with gains.

Following Wednesday’s public holiday, the market has followed positive leads from the US and Europe on New Year’s Eve and from China, which was the only major market open on New Year’s Day.

IG market strategist Chris Weston said a strong performance on Thursday would follow a trend in recent years of posting one per cent-plus gains on the first day of trading for the year.

“The first day of the month is traditionally a very good day to be holding stocks,” he told AAP.

“From a US perspective, the last five consecutive first days of the year have averaged 2.0 per cent, so you might see some buying (in Australia) and people hoping they can get some nice overnight leads.”

Every sector was making gains on the Australian bourse on light trading.

Among financial stocks, Westpac had added 7.0 cents to $32.45, ANZ had gained 1.0 cent to $32.24, Commonwealth Bank had risen 28 cents to $78.08 and National Australia Bank was 4.0 cents higher at $34.87.

Macquarie Group was the second-best performer among the top 50 stocks – behind Goodman Group – gaining 92 cents, or 1.7 per cent, to $55.89.

In the resources sector, BHP Billiton had put on 16 cents to $38.15, Fortescue Metals had risen 2.0 cents to $5.84 while Rio Tinto had added 43 cents to $68.61.

KEY FACTS

* On Thursday at 1035 AEDT, the benchmark S&P/ASX200 index was up 17.7 points, or 0.33 per cent, at 5,369.9 points.

* The broader All Ordinaries index was 17 points, or 0.32 per cent, higher at 5,370.1 points.

* The March share price index futures contract was 25 points higher at 5,343 points, with 3,830 contracts traded.

* National turnover was 204.5 million securities worth $197.8 million.