SYDNEY: The Australian sharemarket opened almost 1 per cent higher, shrugging off downbeat global leads as financial and energy stocks powered ahead in early trade.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index was 51.4 points, or 0.9 per cent, higher at 5,764.5 points, while the broader All Ordinaries index was up 47.8 points, or 0.84 per cent, at 5,762.4 points.
CMC chief market analyst Ric Spooner said the session could shape up to be a day of consolidation, with investors caught between conflicting influences.
“There’s not a lot to be optimistic about. On the other hand low interest rates limit the alternatives particularly given the prospect that rates could get even lower,” he said.
Mr Spooner said investors will be conscious of yesterday’s worse-than-expected capital expenditure data, as well as the looming deadline for Greek debt repayments, which may sound a note of caution in the lead up to weekend.
“On the other hand, the sharp fall in China’s stock market is likely to be seen as a domestic issue at this stage and unlikely to impact global stock markets unless it deteriorates significantly,” he said.
Energy stocks led the market higher, adding 1.54 per cent.
Oil Search added 2.14 per cent to $7.62.
