Aust stocks edge higher at open

Local market lifts following strong gains on Wall Street at the end of last week.

The Australian share market opened slightly higher following strong gains on Wall Street, ahead of a quiet week for domestic data.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index added 14.7 points, or 0.27%, to 5,507.5, while the broader All Ordinaries index rose 13.7 points, or 0.25%, to 5,484.

On Friday, the S&P 500 finished the week above 1,900 for the first time after a positive report on US new-home sales helped to push Wall Street stocks broadly higher.

The index advanced 0.4% on Friday and the Dow Jones also rose 0.4%.

"We've just had a positive lead from Friday's trade. The US just kept ticking along nicely," IG market strategist Stan Shamu said.

Mr Shamu said investors were also encouraged by Russian president Vladimir Putin saying he would be supportive of the outcome of elections held in Ukraine at the weekend.

Strength on the Japanese market was also boosting the local bourse.

Mr Shamu said trading volumes through the day are likely to be low, with markets in the United States and the United Kingdom closed on Monday for public holidays.

The week ahead will be quiet in terms of local data. The most important news for Australian investors is likely to be the release of quarterly business investment data on Thursday, which is expected to show the continuing erosion of the mining boom.

Total investment is tipped to drop again by as much as 0.5%, after a sharp fall in the December quarter.

At Friday's local close, the benchmark S&P/ASX200 index was 12.9 points, or 0.24%, higher at 5,492.8, while the broader All Ordinaries index was up 12.2 points, or 0.22%, at 5,470.3.

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