SYDNEY: The Australian sharemarket edged slightly higher at the open as an overnight jump in the iron ore price boosted miners.
At the 10.15am (AEST) official market open, the benchmark S & P/ASX200 index was up 17.2 points, or 0.3 per cent, at 5738.7 points, while the broader All Ordinaries index was up 18 points, or 0.31 per cent, at 5737.9 points.
CMC chief market strategist Michael McCarthy said rallies in industrial commodities following the announcement of further targeted stimulus measures in China should help Australian shares move back into positive trading later in the session, after a likely weak start that follows European shares lower.
“Traders will watch the action in Shanghai today for any signs of follow through on yesterday’s stimulus inspired rally,” he said.
