SYDNEY: The Australian sharemarket edged higher at the open, looking past downbeat global leads as moderate early gains from the big banks offset weakness in the major miners.
At the 10.15am (AEST) official market open, the benchmark S & P/ASX200 rose 19.4 points, or 0.34 per cent, to 5688.9 points, while the broader All Ordinaries added 18.5 points, or 0.33 per cent, to 5671.6 points.
CMC chief market analyst Ric Spooner said with relatively neutral leads from offshore equity markets overnight, the direction of the ASX 200 index today is likely to be influenced by resource stocks.
“Major mining and energy stocks have enjoyed a good recovery over the past couple of days on the back of relief that commodity prices have stopped falling,” he said.
“However, the commodity price rally stalled last night leaving open the question of whether strong buying support for resource stocks can be sustained today.”
