The Australian market has opened higher, following gains on Wall Street.

Patersons Securities economist Tony Farnham said the gains in US markets on Friday night meant local stocks were starting on the front foot.

Wall Street bounced back on Friday, a day after selloffs in the wake of the downing of Malaysia Airlines flight MH17 in rebel-held eastern Ukraine.

Mr Farnham said that while the market was slightly higher, a fall in metals prices late last week meant resources companies were mostly weaker.

“If you look at the major stocks there is a bit of support for some of the banks, but the softness we saw in metal prices on Friday meant it was going to be a tough gig for the major resources companies to contribute to a rally,” he said.

Among the big miners, BHP dropped seven cents to $38.32, while Rio Tinto slipped 20 cents to $64.09 but Fortescue Metals gained two cents to $4.61.

The big banks were higher, with the Commonwealth Bank up 17 cents to $81.44, Westpac 20 cents higher at $34.10, ANZ 10 cents better off at $33.52 and NAB climbing 17 cents to $34.34.

Shares in Washington H Soul Pattinson fell nine cents to $14.71, while Brickworks was up one cent to $14.22 after a tax ruling effectively ended a proposal to disentangle the companies’ cross ownership structure.

Fairfax Media gained 2.75 cents to 93.75 cents, following media reports billionaire Gina Rinehart is considering launching a takeover bid for the company.

KEY FACTS

* At 1030 AEST on Monday, the benchmark S&P/ASX200 index was 21.2 points, or 0.38 per cent, higher at 5552.9.

* The broader All Ordinaries index was up 20.6 points, or 0.37 per cent, at 5,539.8.

* The September share price index futures contract was 20 points higher at 5,505 with 6,686 contracts traded.

* National turnover was 469 million securities worth $417 million.