Aust stocks open higher

The Australian share market has opened higher on strong leads from Wall Street and ongoing strength in oil prices.

The benchmark S&P/ASX200 index was up 0.33 per cent at 5,428.7 at 1030 AEDT.

Patersons Securities economist Tony Farnham said the market was well supported by energy stocks which have risen on solid oil prices.

"Growth in key commodity prices, oil and gold, is supporting parts of the mining sector," he said.

"There's a little bit of support for the financials and a bit of support for the property trust sector."

He said the latter sector was reacting to mixed US inflation data released overnight that led to some doubt about whether the Federal Reserve will lift its benchmark interest rate in December.

In other news, resource giant BHP Billiton's September quarter production report shows steady output for iron ore and metallurigical coal, but lower volumes in petroleum, copper and thermal coal.

Mr Farnham said that was largely in line with expectations and gave investors no reason to push the stock higher.

Shares in BHP were down 34 cents, or 1.5 per cent at $22.30, at 1030 AEDT.

Global miner Rio Tinto gained four cents to $50.65, Fortescue Metals also added four cents to $5.17, while gold miner Newcrest jumped 1.59 per cent, or 34 cents, to $21.74.

As for the energy stocks, Santos gained 12 cents to $3.78 and Woodside Petroleum added six cents to $29.29.

The market will keenly follow the release of key Chinese economic growth numbers for the September quarter, due at 1300 AEDT.

KEY FACTS:

* At 1030 AEDT, the S&P ASX/200 index was up 17.9 points, or 0.33 per cent, at 5,428.7 points.

* The broader All Ordinaries index was up 19.1 points, or 0.35 per cent, at 5,511.1 points.

* The December share price index futures contract was up 20 points at 5,411 points, with 9,252 contracts traded.

* National turnover was 434 million securities traded, worth $509 million.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.7436-0.0017-0.23%
    AUDUSD=X
    0.5908-0.002-0.34%
    AUDGBP=X
    0.7058+0.0035+0.50%
    AUDEUR=X