Aust stocks open flat

Local market inches higher but little changed despite encouraging eurozone data.

The Australian stock market opened little changed despite encouraging eurozone data signalling that the 17-nation bloc may be edging out of recession boosting international markets.

At 1015 AEST official market open, the benchmark S&P/ASX200 index inched up 0.1% to 5,162.6 points, while the broader All Ordinaries index also edged 0.1% higher, to 5,146.5 points.

IG analyst Stan Shamu expects big moves across most sectors due to today's company earnings announcements.

Many companies reporting today "are sector leaders and tend to set the pace for the sectors they trade in", Mr Shamu said.

"We will also keep a close eye on the resource names after some fairly hefty gains over the last few days."

Rivkin analyst Tim Radford said a strong result from Commonwealth Bank of Australia (CBA), which posted a record full-year cash profit, will likely boost sentiment locally.

"Concerns over a possible bank levy being imposed on the banks have completely dissipated," he said.

In economic news, the Australian Bureau of Statistics will release the wage price index for the June quarter while the Westpac/Melbourne Institute Survey of Consumer Sentiment is also due out.

Qantas (QAN) chief executive Alan Joyce is due to speak at an American Chamber of Commerce in Australia lunch.

In Australia, the market on Tuesday hit a three month high, with investors buoyed by positive local earnings performances and potential stimulus measures in Japan.

The benchmark S&P/ASX200 index wasup 49 points, or 0.96%, at 5,157.7.

The broader All Ordinaries index was up 47.5 points, or 0.93%, at 5,141.6.

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