Aust stocks set to open higher

Local market expected to lift as Wall Street snaps 5-day losing streak.

The Australian stock market looks set to open higher after Wall Street gained following some solid economic data.

At 0652 AEST, the September share price index futures contract was up 11 points at 5,315.

Wall Street's gains came on the heels of a report that confirmed US second-quarter growth at 2.5 per cent, while weekly jobless claims sank to 305,000.

Domestically, no major economic or equities news is expected on Friday.

In Australia, the market on Thursday closed higher boosted by the big mining companies which benefited from a strengthening iron ore price.

The benchmark S&P/ASX200 index was up 18.6 points, or 0.35%, at 5,294.5 points, while the broader All Ordinaries index gained 18.1 points, or 0.34%, to 5,288.2 points.