Australian market set to open higher

The Australian market looks set to open higher despite Wall Street closing lower following a broad sell-off of tech stocks.

At 0645 AEST on Thursday, the June share price index futures contract was up 20 points at 5,529.

Locally, no major economic news is expected on Thursday,

In equities news, Atlas Iron is expected to release its quarterly report.

In Australia, the market on Wednesday hit another high after a fifth consecutive day of gains, driven by lower-than-expected inflation.

The consumer price index rose 0.6 per cent in the March quarter, for an annual rate of 2.9 per cent.

Economists had expected a rise of 0.8 per cent for the quarter and 3.2 per cent for the year.

The benchmark S&P/ASX200 index added 38.5 points, or 0.7 per cent, to 5,517.8, its highest close since June 6, 2008.

The broader All Ordinaries index gained 35.1 points, or 0.64 per cent, to 5,502.2, its highest close since June 18, 2008.

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