Market set to open higher

The noise over Cyprus is starting to settle as the US markets move higher.

AUSTRALIAN stocks have opened firmer, with a recovery among the big miners leading the broader market higher.

Local investors took their cues from a positive night on Wall Street, where the Dow climbed 0.77 per cent.

Among the major miners, BHP was up 29 cents at $33.21, Rio had advanced 82 cents to $57.75 and Fortescue was 16.5 cents, or 4.33 per cent, higher at $3.975.

All three bounced back after suffering significant falls during Tuesday's local session. CommSec market analyst Steven Daghlian said today's rally came after some investors thought the declines yesterday may have been a bit overdone.

Despite the move higher today, Mr Daghlian said mining stocks were expected to remain under pressure given weak iron ore prices.

"Overall, things seem to be tough going for the miners," Mr Daghlian said. "When you look at any of the mining stocks, it is important to remember just how badly they have done this month."

Mr Daghlian said iron ore prices had dropped about 15 per cent in the past four weeks.

Making news today, Qantas received final approval from the competition watchdog for its global partnership with Dubai-based airline Emirates. Qantas was up 2.75 cents at $1.7475.

In other airline news, the High Court of Singapore gave its blessing to Virgin Australia's takeover of regional carrier Skywest, in an announcement after the close of trade yesterday. Virgin was steady at 40 cents.

KEY FACTS

* At 10.25am AEDT today, the benchmark S&P/ASX200 index was up 19.6 points, or 0.4 per cent, at 4969.8 points.

* The broader All Ordinaries index was up 19.3 points, or 0.39 per cent, at 4984 points.

* The June share price index futures contract was up 19 points at 4975 points, with 8153 contracts traded.

* National turnover was 282.3 million securities worth $490.3 million.

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