Aust stocks open stronger

Local market pierces 5500 threshold as pharmaceutical sector buoys Wall Street.

The Australian sharemarket notched up a fresh five-and-a-half year high at the open, after Wall Street was pushed upward by solid earnings and major pharmaceutical sector deals.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index rose 24.8 points, or 0.45%, at 5,504.1 points, while the broader All Ordinaries index gained 23.6 points, or 0.43%, to 5,490.7 points.

The S&P/ASX200 now sits at its highest intraday level since the week of June 9, 2008, eclipsing the high of 5,503.5 points on April 10.

Locally in economic news on Wednesday, the Australian Bureau of Statistics releases the consumer price index for the March quarter.

In Australia, the market on Tuesday rose following the lead of the United States market which gained on upbeat corporate earnings reports.

The benchmark S&P/ASX200 index was up 25.1 points, or 0.46%, at 5,479.3 points, while the broader All Ordinaries index was up 22.3 points, or 0.41%, to 5,467.1 points.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

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