Aust stocks open stronger

Local market pushes higher after earnings cause Wall Street to rally.

The Australian stock market opened half a per cent higher following gains on Wall Street which rallied after several companies reported higher earnings.

At the 1015 AEDT official market open, the benchmark S&P/ASX200 index was 0.48% higher at 5,333.7 points, while the broader All Ordinaries index added 0.48% to 5,344 points.

Time Warner Cable rose sharply after the company agreed to be acquired by its larger rival Comcast. Goodyear Tyre & Rubber surged 10 per cent after the company's earnings beat analysts' estimates.

In local economic news on Friday, the Australian Bureau of Statistics releases December lending finance data.

Reserve Bank of Australia Assistant Governor (Economic) Christopher Kent is slated to speak to the Committee for Economic Development of Australia (CEDA) Economic and Political Overview 2014.

In equities news, Newcrest Mining, Sims Metal Management and Automotive Holdings Group are expected to post first half results.

In Australia on Thursday, the market's run of gains ended, due to mixed reactions to corporate profit reports.

The benchmark S&P/ASX200 index was down two points, or 0.04%, at 5,308.1 points.

The broader All Ordinaries index was down 1.1 points, or 0.02%, at 5,318.7 points.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles