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."