The stockmarket has opened slightly higher, boosted by stronger mining stocks on the back of improved prices for commodities.
At 10.31am AEST the benchmark S&P/ASX200 index was up 17.6 points, or 0.34 per cent, at 5120.0 points. The broader All Ordinaries index was up 18.8 points, or 0.37 per cent, at 5103.0 points.
“It's all about commodities today,'' IG Markets market strategist Stan Shamu said. “We've seen a nice little jump in the materials names: BHP, Rio, Newcrest.''
Mr Shamu said resources stocks had bounced after looking like they had been a little oversold.
The commodities sector was also catching up to the rally in commodity prices, after the Australian market was closed yesterday for the Anzac Day holiday.
The rest of the market was mixed, and without the stronger mining stocks, the bourse would probably be trading lower.
At 10.22am AEST global miner BHP Billiton was $1.02, or 3.22 per cent, higher at $32.72; Rio Tinto was up $1.85, or 3.38 per cent, at $56.53. Gold miner Newcrest had surged $1.12, or 6.8 per cent, to $17.58.
Among the major banks, National Australia Bank was 11 cents lower at $32.65, ANZ had eased two cents to $29.88 and Commonwealth Bank had lost 83 cents to $70.87, but Westpac had gained 12.l5 cents to $32.625.
Among other stocks, agribusiness GrainCorp was in a trading halt after it agreed to a $3.02 billion takeover bid by suitor Archer Daniels Midland Company. GrainCorp last traded at $11.87.
Sleep disorder equipment supplier ResMed was seven cents lower at $4.43, despite posting record revenue and income for the March quarter.
On Wall Street, the Dow Jones Industrial Average on Thursday added 24.50 points, or 0.17 per cent, to 14,700.80 points after improved jobless claims data and a mixed bag of corporate earnings.
New claims for US unemployment benefits fell last week to the lowest level since mid-March. Initial claims came in at 339,000, down from the prior week's revised reading of 362,000.
