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.