Aust stocks open stronger

Local market pushes slightly higher after a session of wild gyrations on Wall Street.

The Australian sharemarket has opened slightly higher following gains on Wall Street despite tech stocks at one point pushing the Nasdaq Composite index down nearly two per cent.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index rose 14.2 points, or 0.26%, to 5,402.4 points, while the broader All Ordinaries index gained 14.5 points, or 0.27%, to 5,394.8.

US stocks suffered a day of wild gyrations, with markets driven over 0.5% higher in early trade as solid earnings reports from Johnson & Johnson and Coca-Cola were well received by investors.

Later in the session, markets sank over 1% from highs on fresh fears about the crisis in Ukraine, before closing well in the black.

Locally, in economic news on Wednesday, the Westpac-Melbourne Institute Leading Indexes of Economic Activity is due to be released.

In equities news, Fortescue Metals Group is slated to post third quarter production reports, while Australian Pharmaceutical Industries is expected to make announcement about asset values.

In Australia, the market on Tuesday rose as investors bought up resources and banking stocks after a strong performance on Wall Street.

The benchmark S&P/ASX200 index was up 29.3 points, or 0.55%, to 5,388.2.

The broader All Ordinaries index gained 26.7 points, or 0.5%, to 5,380.3

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