Australian shares open higher amid positive sentiment

SYDNEY, Jan. 10 (Xinhua) -- The Australian stock market opened higher on Wednesday, amid positive local and overseas sentiment.

At 10:28 (AEDT), the benchmark S&P/ASX200 index was up 9.5 points or 0.16 percent at 6,145.3, and the broader All Ordinaries index added 10.4 points or 0.17 percent at 6,251.9 points.

The rally in advance of the upcoming profit-reporting season in Australia and the U.S. is continuing, but "investors will have a weather eye on the sharp jump in long bond yields over the past 24 hours", CMC Markets chief market analyst Ric Spooner said in a morning note.

"The possibility of rising inflation and bond yields is at the top of many stock investors risk lists for 2018."

The U.S. oil price, amid market anticipation of another "healthy decline in inventory" revealed by data this week, should also see support for energy stocks in the morning, said Spooner.

"However, rising petrol costs are shaping as a growing headwind for sales growth in the fragile retail sector."

Overnight gains in U.S. stocks are also set to show some support for the main Australian index, he said.

The big banks opened higher, with ANZ up 0.17 percent, Commonwealth Bank of Australia lifting 0.39 percent, the National Australia Bank edging up 0.1 percent and Westpac gaining 0.29 percent.

Mining giant BHP Billiton rose 0.52 percent and rival Rio Tinto was up 0.28 percent. Newcrest Mining fell 1.34 percent while Oil Search was up 0.5 percent.

Wesfarmers lifted 0.38 percent and rival supermarket chain Woolworths gained 0.26 percent.

Qantas fell 1.34 percent, telecom giant Telstra was up 0.53 percent and biomed group CSL climbed 1.26 percent.

[ Editor: meng ]


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