SYDNEY: The Australian sharemarket pushed higher at the start of the week, following gains on Wall Street and as all eyes shifted to bank stock as Commonwealth Bank tumbled out of a trading halt.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 added 14.1 points, or 0.26 per cent, to 5370.6 points, while the broader All Ordinaries rose 14.7 points, or 0.27 per cent, to 5374.7 points.
CMC chief market analyst Ric Spooner said the new trading week will kick in with a focus on profit results and bank stocks following a relatively steady lead from broader international markets on Friday.
“The question of whether or not bank stocks begin to attract buyer support once trading resumes in CBA will a key factor for overall market sentiment over the next couple of days,” he said.
“With three of the big four banks now having completed capital raisings and Westpac this morning confirming a Tier 1 capital ratio of 10.5 per cent, investor focus is likely to return to the dividend yields offered by these stocks in a low growth environment.”
IT stocks were the biggest gainers in early trade, lifting 1.4 per cent, while industrials also added 1.05 per cent.
