SYDNEY: The Australian stocks pushed three quarters of a per cent higher at the open after Wall Street rallied and as resource and bank stocks spurred the local market on.
At the 10.15am (AEDT) official market open, the benchmark S & P/ASX200 index rose 45 points, or 0.78 per cent, to 5,842.7 points, while the broader All Ordinaries index added 42.7 points, or 0.74 per cent, to 5,812.4 points.
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CMC chief market strategist Michael McCarthy said central bank support, adjustment to the US tightening timetable and mergers and acquisitions drove strong gains for shares overnight.
“A weaker US dollar provided relief after four weeks of strong gains, and Asia Pacific futures markets are pointing to gains of around one per cent at openings across the region,” he said.
In local economic news today, the Reserve Bank of Australia releases the minutes of its March board meeting.
