Australian stocks have opened higher following strong gains on international markets overnight.
The local market is around half a per cent higher at 1030 AEDT, following a more than one per cent rise across Wall Street’s major indices.
Commsec market analyst Julian Roadley said that while the local move higher was smaller than that seen overseas, it followed a strong performance on Thursday.
“We have to remember that we did ok yesterday: we were up 1.2 per cent,” she said.
But, Ms Roadley, said the industrial stocks had started the day surprising subdued, despite the sector being a major driver of US markets overnight.
“The industrials in our market are a little lighter, which is odd.”
She said the major banks and resources stocks were the key drivers of the market on Friday morning.
National Australia Bank had gained 17 cents to $32.80, ANZ had added 17 cents to $29.60, Commonwealth Bank had increased 35 cents to $73.83 while Westpac was up 40 cents at $31.23.
BHP Billiton had climbed 50 cents to $36.07, Rio Tinto had lifted 56 cents to $66.21 and iron ore miner Fortescue had added six cents $5.49.
Shares in media group News Corporation jumped $1.51 cents, or almost nine per cent to $18.71 after the company announced a better-than-expected second quarter profit of $150 million, despite declining revenues from its Australian newspapers.
Property group Westfield Group was among the weakest performers, with its shares down 22 cents, or two per cent, at $9.96.
Telstra was one cent lower at $5.05.
KEY FACTS
* At 1030 AEDT on Friday benchmark S&P/ASX200 index had climbed 23.3 points, or 0.45 per cent, to 5,154 points.
* The broader All Ordinaries index was up 22.7 points, or 0.44 per cent, at 5,170.1 points.
* The March share price index futures contract was 25 points higher at 5,107, with 10,604 contracts traded.
* National turnover was 305 million securities worth $775 million.
