Aust stocks open stronger

Market rallies in early trade after US car sales, China data pushed Wall Street to new highs.

The Australian sharemarket rallied 1 per cent at the open after Wall Street barrelled to new highs on the back of strong US car sales and Chinese manufacturing data.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index rose 55.6 points, or 1.03%, to 5,431.5 points, while the broader All Ordinaries index gained 53.2 points, or 0.99%, to 5,419.7 points.

On Wall Street, at the closing bell, the Dow Jones Industrial Average had gained 129.92 points, or 0.77%, to 16,956.52, while the S&P 500 had shot up 12.97 points, or 0.66%, to 1,973.20. Both were new highs.

Locally, in economic news on Wednesday, the Australian Bureau of Statistics (ABS) is due to release May's international trade in goods and services data.

Reserve Bank of Australia assistant governor (financial markets) Guy Debelle is scheduled to be a panelist at the Financial Times Camp Alphaville Conference in London.

In equities news, the REA Group has investor briefing on its full-year 2015 strategy and recent media commentary about its market position and Smartgroup Corporation lists on the ASX.

In Australia, the market on Tuesday closed lower, pulled down by the banks.

The benchmark S&P/ASX200 index was down 19.8 points, or 0.37%, at 5,375.9.

The broader All Ordinaries index fell 15.5 points, or 0.29%, at 5,366.5.

Related Articles