SYDNEY: The Australian sharemarket pushed half a per cent higher at the open, buoyed by another record close from the S&P 500 in the US and an overnight rally in global oil prices.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index added 28 points, or 0.49 per cent, to 5,690.3 points, and the broader All Ordinaries index gained 27.9 points, or 0.49 per cent, to 5,691.5 points.
CMC chief market analyst Ric Spooner said the question of when and how fast the US Fed begins to lift interest rates remains the dominant macro issue for equity markets and will be front of mind for traders again today.
“The fact that the bond sell off has been arrested will be a plus for yield stocks, especially banks,” he said.
“While the most likely scenario is for investors to remain relatively cautious heading into the weekend, the risk for today’s trading may be to the upside.”
Mr Spooner said the overnight jump in global oil prices is also likely to see some support for energy stocks during the session.
“However, moves may be relatively limited given that the rally in oil prices appeared related to optimism over the Fed rather than any reassessment of the supply situation in the oil market,” he said.
