Aust stocks open higher

Local market lifts after Summers withdraws from race for US Fed Chairman seat.

The Australian stock market has opened higher after Larry Summers decided to withdraw from the race for the United States Federal Reserve's chairman seat, meaning the body is less likely to wind back economic stimulus quickly.

At 1015 AEST official market open, the benchmark S&P/ASX200 index rose 0.73% to 5,257.9 points, while the broader All Ordinaries index added 0.72% to 5,252 points.

No major economic or equities news is expected.

In Australia, the market on Friday closed lower after a seven-day run of gains that had pushed share prices to five-year highs.

The benchmark S&P/ASX200 index was down 22.9 points, or 0.44%, at 5,219.6.

The broader All Ordinaries index was down 23.5 points, or 0.45%, at 5,214.7.