The Australian share market has opened higher as investors await the outcome of talks over Cyprus’s debt bailout.

CMC Markets chief market analyst Ric Spooner said the Australian market had a firm opening, with financial services and consumer stocks leading the way.

“The market is just waiting to hear what happens with Cyprus,” Mr Spooner said.

“The fact that we’ve got a firm opening following a fairly limited response to this threat (Cyprus) last week suggests that the market broadly expects that a crisis will be averted.”

Cyprus and its international creditors are in talks over how Cyprus can secure a 10 billion euro bailout.

Without a deal by Monday night, Cyprus faces the prospect of bankruptcy, which could force it to abandon the euro currency.

On the local market in the resources sector, global miner BHP Billiton was five cents higher at $33.48, and Rio Tinto dipped five cents to $57.87.

Among the major banks, ANZ rose 20 cents to $28.75, Westpac added 31 cents to $30.81, Commonwealth Bank climbed 65 cents to $68.28, and National Australia Bank gained 26 cents at $30.89.

Among other stocks, toy distributor Funtastic was 0.5 cents firmer at 24 cents as it shrugged off a tight retail market to deliver a 68 per cent jump in first half profit.

Construction giant Leighton Holdings improved 99 cents to $21.19 after it appointed Bob Humphris as its new chairman.

On Wall Street in the US on Friday, the Dow Jones Industrial Average lifted 90.54 points, or 0.63 per cent, to 14,512.03 points.

KEY FACTS

* At 1024 AEDT on Monday, the benchmark S&P/ASX200 index was up 25.6 points, or 0.52 per cent, at 4,992.9 points.

* The broader All Ordinaries index was up 22.6 points, or 0.45 per cent, at 5,003.4 points.

* The June share price index futures contract was up 32 points at 5,001 points, with 8,943 contracts traded.

* National turnover was 244.4 million securities worth $317.5 million.