Aust stocks open higher

The Australian share market is higher, thanks to gains in energy, mining and banking stocks, and bucking falls across major international markets.

CMC Markets chief market analyst Ric Spooner says the market is recouping some of Tuesday's heavy losses, with Rio Tinto and Woodside Petroleum getting support from a weaker Australian dollar and oil prices stabilising overnight.

"The market's taking a view that we may have sold off enough yesterday," Mr Spooner said.

"We're seeing a little bit of nibbling and rallying in banking stocks, but by no means conclusive in terms of establishing any trend," he added.

At 1034 AEST, the benchmark S&P/ASX 200 was up 0.47 per cent at 4,947.3 points, despite the Dow Jones Industrial Average closing 0.75 per cent lower and Nasdaq falling 0.98 per cent on the back of profit taking.

Mining giants Rio Tinto and BHP Billiton found some support among investors. Rio was up 91 cents at $42.87 and BHP had gained 26 cents to $16.24.

Woodside Petroleum shares were up 68 cents at $24.62.

Most of the big four banks rose, with the Commonwealth Bank up 38 cents at $71.63, ANZ gaining 27 cents to $22.74 and National Australia Bank lifting 10 cents to $25.66. But Westpac was down 0.5 cents at $29.12.

Investment bank Macquarie Group was up 19 cents at $63.91.


* At 1034 AEST, the benchmark S&P/ASX200 index was up 22.9 points, or 0.47 per cent, at 4,947.3 points.

* The broader All Ordinaries index was down 21.6 points, or 0.43 per cent, at 5,022 points.

* The June share price index futures contract was up 11 points at 4,919 points, with 11,808 contracts traded.

* National turnover was 452.6 million securities traded, worth $624.9 million.

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