Aust stocks surge at open

Local market pushes more than 1% higher following record one-day gains on Wall St.

By Staff Reporter ·
11 Oct 2013

The Australian stock market surged more than 1% at the open, after Wall Street soared its biggest one-day gain since January as lawmakers moved closer to a deal to break up the political impasse in Washington.

At the 1015 AEDT official market open, the benchmark S&P/ASX200 index spiked 1.33% to 5,215.6, while the broader All Ordinaries index lifted 1.31% to 5,213.7 points.

No major economic news is expected on Friday.

Meanwhile, ASIC chairman Greg Medcraft is scheduled to speak at an American Chamber of Commerce in Australia lunch, in Sydney.

In equities news, the OzForex Group lists on Australian Securities Exchange.

In Australia, the market on Thursday fell with commodity price driving local stocks lower despite the release of positive jobs numbers.

The benchmark S&P/ASX200 index was 5.9 points, or 0.11%, lower at 5,147.1.

The broader All Ordinaries index was down 5.4 points, or 0.1%, at 5,146.2.