Aust stocks lift 1% at open

Australian stockmarket strengthens on overseas leads at open.

The Australian stock market opened more than 1% higher following gains on most European markets after the eurozone and British central banks signalled that stimulus measures would continue for some time.

At the 1015 AEST official market open, the benchmark S&P/ASX200 index lifted 1.18% to 4,851.3 points, while the broader All Ordinaries index added 1.14% to 4,835.5 points.

In economic news on Friday, the Australian Industry Group/Housing Industry Association performance of construction index (PCI) for month just ended is due out.

No major equities news is expected.

In Australia, the market on Thursday closed 1% higher as the military overthrow of Egyptian president Mohamed Morsi boosted the price of crude oil and shares in energy companies.

The strong gains marked another day of market volatility, with shares shifting between big losses and big gains each day this week.

The benchmark S&P/ASX200 index on Thursday was up 50.6 points, or 1.07%, at 4,794.7 points, while the broader All Ordinaries index was up 53.2 points, or 1.13%, to 4,781.0 points.