The Australian share market has opened at its highest point after encouraging US jobs figures. Source: AAP
THE Australian market has opened at its highest level since May after encouraging US jobs figures.
At 1020 AEDT on Monday, the benchmark S&P/ASX200 index was up 23.6 points, or 0.5 per cent, at 4,747.4 and the broader All Ordinaries index also added 24 points, or 0.51 per cent, to 4,766.9.
On the ASX 24, the March share price index futures contract was up 13 points at 4,718 with 7,857 contracts traded.
IG Markets analyst Stan Shamu said the strong start to the local market had been mainly due to positive US jobs figures, that while encouraging were not improving rapidly enough for the US Federal Reserve to withdraw its support for a third round of quantitative easing.
"This is the highest level the market has traded since last May so we're off to a pretty good start to the year," he said.
"We had US economic data that showed a little a bit of an improvement in their jobs market but its not improving fast enough to warrant the US Federal Reserve pulling its support for QE3."
In the US on Friday the Dow Jones Industrial Average finish up 43.85 points, or 0.33 per cent, at 13,435.21.
The broad-based S&P 500 advanced 7.1 points, or 0.49 per cent, to 1,466.47, its highest close since December 31, 2007.
In London, the benchmark FTSE 100 index of top companies added 0.7 per cent to close at 6,089.84 points.
Locally on Monday the big miners opened mixed.
BHP Billiton was down seven cents to $37.84 and Rio Tinto fell 19 cents to $68.36 but Fortescue gained 13 cents to $4.99.
The major banks all had a positive opening.
ANZ was up 13 cents to $25.39, National Australia Bank gained eight cents to $25.39, Westpac jumped 22 cents to $26.47 and Commonwealth Bank surged 34 cents to $63.59.
At 1042 AEDT national turnover was 262.9 million shares worth $397.6 million, with 407 stocks up, 193 down and 263 unchanged.
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