The sharemarket has opened more than1 per cent higher after strong US jobs numbers pushed American stocks to a record high and helped miners outperform the market.
At 10.30am AEST the benchmark S&P/ASX200 index was up 54.5 points, or 1.06 per cent, at 5163.3 points. The broader All Ordinaries index was up 53.1 points, or 1.04 per cent, at 5157.7 points.
Official US Labor Department data showed the US economy added 165,000 jobs in April, well above market expectations. Upward revisions for the preceding two months also showed 114,000 more jobs were added than initially estimated.
The data pushed the Dow Jones Industrial Average up 142.38 points, or 0.96 per cent, to 14,973.96 during Friday night trade.
CommSec market analyst Steven Daghlian said the upward revision in the US jobs numbers, in particular, gave investors confidence around the world, helping the Australian share market open one per cent firmer.
“It's making people feel a bit more comfortable with the situation there,'' he said.
“It's showing the US jobs market is recovering ... How the US is feeling in terms of confidence has an impact on the rest of the world.''
Meanwhile, the S&P 500 finished at 1614.42, gaining 16.83 points or 1.05 per cent, and setting a new record.
Locally, the mining sector was outperforming the market, with BHP Billiton 2.94 per cent, or 94 cents firmer, at $32.91 and Rio Tinto adding 3.62 per cent, or $2.06, to $56.51.
Banking stocks had a more subdued start, despite Westpac and ANZ reporting record profits last week.
Westpac added just 0.16 per cent, or 6.0 cents, to $33.60 while ANZ put on just 0.03 per cent, or 1.00 cent, to $31.61.
Making news on today, building products producer Boral said its earnings for the three months to March 31 were weaker than expected at $19 million, because of a slump in housing construction.
Boral shares tumbled, losing 18 cents, or 3.9 per cent, to be worth $4.49 at 10.32am AEDT.
Meanwhile, APN News and Media announced it had appointed News Limited's Michael Miller as its chief executive, starting in mid-June.
