A week of gains for Australian market

The Australian share market has opened slightly higher, boosted by stronger mining stocks on the back of improved prices for commodities.

"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 on Thursday 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 1022 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.

At 1010 AEST on Friday, the benchmark S&P/ASX200 index was up 14.9 points, or 0.29 per cent, at 5,117.3, while the broader All Ordinaries index was up 15.00 points, or also 0.29 per cent, at 5,099.2.

However, on the ASX 24, the June share price index futures contract was down six points at 5,109, with 7,200 contracts traded.

Earlier:

At 0630 AEST on Friday, the June share price index futures contract was up 12 points at 5,127.

In economic news on Friday, the Reserve Bank of Australia is due to release March financial aggregates figures.

In equities news, ResMed is expected to post third quarter results.

In Australia, the market on Wednesday, its last trading day due to the Anzac Day public holiday, closed about 1.5 per cent higher as low inflation figures raised investors' expectations of an interest rate cut.

Australia's consumer price index (CPI), the key measure of inflation, rose 0.4 per cent in the first three months of 2013, below expectations for a rise of 0.7 per cent.

The benchmark S&P/ASX200 index was up 86.2 points, or 1.72 per cent, at 5,102.4 points, while the broader All Ordinaries index was up 81.6 points, or 1.63 per cent, to 5,084.2 points.

AAP cdh

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