SYDNEY: The Australian market pushed three-quarters of a per cent higher at the open after US stocks rose sharply on the latest Chinese stimulus measures and local miners rallied on a rebound in the iron ore price.
At the 10.15am (AEST) official market open, the benchmark S & P/ASX200 index added 44.9 points, or 0.77 per cent, to 5,878 points, while the broader All Ordinaries index was up 41.9 points, or 0.72 per cent, at 5,848.7 points.
CMC chief market strategist Michael McCarthy said strong leads from international markets would buoy the ASX, but the key question for local investors revolves around banks
“Heading into the ex-dividend season, is the four year bull-run coming to an end? While ever lower interest rates have kept investors involved, lofty share prices are increasing capital risks,” he said.
“Modest support for banks today, especially in light of a lower Australian dollar, could see an overall modest gain for the market.”
