Australian market set to open higher

The Australian market looks set to open higher after US stocks rose modestly as gains in the tech sector helped buoy the Nasdaq to a record intraday high and solid housing market data provided more evidence the economy may be picking up momentum..

At 0645 AEST on Wednesday, the share price index was up 19 points at 5,534.

Data on Tuesday showed that new US single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook.

Locally, in economic news on Wednesday, the Australian Bureau of Statistics releases June's construction work done figures, while the Westpac-Melbourne Institute's Leading Indexes of Economic Activity is also due out.

In equities news, Qantas, Wesfarmers, Westfield Corporation, Bega Cheese, Blackmores, Boral, Sirtex Medical, A2Milk, Ardent Leisure and The Reject Shop are among the companies reporting full-year results.

Vodafone Hutchison Australia is expected to provide a mid-year briefing.

In Australia, the market on Tuesday closed higher with most sectors in positive territory, led by gains from the banks and health stocks.

The benchmark S&P/ASX200 index was up 38.7 points, or 0.70 per cent, at 5,553.8 points.

The broader All Ordinaries index was up 34.8 points, or 0.62 per cent, at 5,647.1 points.

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