Australian stocks edge higher at open, S&P adds 7pts, All Ordinaries gains 0.14pc

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PERTH: The Australian stocks market edged higher on start on the back of an immediately rally in key products prices.
At the 10.15am (AEDT) official market open, the S&P/ASX200 index added 7 points, or 0.13 per cent, to 5,214.7 points, while the broader All Ordinaries index edged up 7.2 points, or 0.14 per cent, to 5,197.9, according to preliminary figures.
CMC chief market strategist Michael McCarthy said strong rallies in metals and energy could see the local market reverse some of yesterday’s losses despite pressure on global stocks.
“Strong US manufacturing data overnight lifted the outlook for industrial commodities, although trading may be cautious ahead of local building approvals numbers and the last RBA meeting until February 2015,” he said.
Overnight, US oil prices posted their biggest one-day gain in two years, while gold prices surged 3.6 per cent to a one-month high as a rush of safe-haven buying sparked by Japan’s credit rating downgrade forced bearish investors to clamour for the exit.