Aust stocks open slightly higher

Local market sits at key level in flat trade after fresh record high on Wall Street.

The Australian stock market touched the 5000 level at the open in flat trade, taking leads from fresh record highs overnight on Wall Street

At 1025 AEST, the benchmark S&P/ASX200 index rose 0.13% to 5000 points and the broader All Ordinaries index added 0.15% to 4,984.3 points.

IG market analyst Chris Weston said the market would test last Friday’s high of 5012, which was a key resistance level.

"5012 is the 61.8% retracement of the recent sell-off from 5246 to 4632," Mr Weston said.

"A closing break here would be very positive."

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