The Australian share market has opened higher, led by resources stocks, after a positive lead from markets in the United States.
IG markets strategist Stan Shamu said the local bourse had had a very positive start.
“That momentum from the US is certainly translating into gains for the Australian market,” Mr Shamu said.
Mr Shamu said investors were encouraged by signs that the US economy was on the mend and a fairly okay start to the US company earnings season.
Investors were also searching for bargains after the recent falls on the local market.
Mr Shamu said the market’s focus would turn to local jobs figures later in the morning.
“Whether or not we manage to hold on to these gains remains to be seen,” he said.
In the resources sector at 1024 AEDT, Rio Tinto was $1.49 higher at $65.73 after reporting it achieved record iron ore production and shipments in 2013.
Iron ore miner Fortescue Metals was up 17 cents at $5.50 after it said the construction of a new $178 million gas pipeline to its Pilbara operations would reduce operating costs and open up long-term growth opportunities.
Global miner BHP Billiton lifted 64 cents to $36.57.
Among the big banks, Commonwealth Bank eased 47 cents to $75.72, ANZ dipped 10 cents to $30.87, Westpac reversed 13 cents to $31.58, but National Australia Bank added eight cents at $33.91.
On Wall Street on Wednesday, the Dow Jones Industrial Average gained 108.08 points, or 0.66 per cent, at 16,481.94 points following a batch of mostly solid economic and corporate earnings reports, and a modestly upbeat Federal Reserve report.
The S&P 500 set a new record jumping 9.50 points (0.52 per cent) to 1,848.38, edging past the prior record of 1,848.36.
KEY FACTS
* At 1030 AEDT on Thursday, the benchmark S&P/ASX200 index was up 32.2 points, or 0.61 per cent, at 5,277.6 points.
* The broader All Ordinaries index was up 32.4 points, or 0.62 per cent, at 5,287.9 points.
* The March share price index futures contract was 37 points higher at 5,242 points, with 7,970 contracts traded.
* National turnover was 310.01 million securities worth $822.58 million.
