Aust stocks open higher

Local market pushes to its highest point since June 2008 following strong leads on Wall Street at the end of last week.

By Staff Reporter ·
28 Oct 2013

The Australian stock market opened at a fresh five-year high, after gains on Wall street driven by better-than-expected earnings from Amazon and Microsoft and solid results from Procter & Gamble and UPS.

At the 1015 AEDT official market open, the benchmark S&P/ASX200 index lifted 0.87%, at 5,432.9 points, while the broader All Ordinaries index added 0.84%, at 5,430.7 points.

That is the highest point the benchmark index has reached since the week beginning June 16, 2008, during which it climbed to 5,444.2 points.

No major economic news is expected on Monday.

In equities news, GPT Group (GPT) is expected to give a third quarter report and strategy update, while Bendigo and Adelaide Bank (BEN) has its annual general meeting scheduled.

In Australia, the market on Friday defied falls on other Asian markets to end the week with a gain.

The benchmark S&P/ASX200 index was up 13.4 points, or 0.25%, at 5,386.3 points.

The broader All Ordinaries index was up 12 points, or 0..22%, at 5,385.7 points.