Australian market set to open higher

European markets higher on hope of a swift resolution in Cyprus while US investors were happy with what the Federal Reserve had to say.

AUSTRALIAN stocks have opened firmer, with the big retail banks and major energy companies leading the broader market higher.

Local investors took their cues from a positive night on Wall Street, where the Dow advanced 0.39 per cent, the S&P500 climbed 0.67 per cent and contract prices for oil rose.

Energy stocks were the best-performing sector at the open, having risen 0.71 per cent. Santos was up six cents at $12.71 and Woodside Petroleum was 45 cents higher at $36.70.

Making news today, the competition regulator said it would not oppose CBA's proposed takeover of Aussie Home Loans. CBA, which already held 33 per cent of Aussie and was looking to acquire the remaining 67 per cent stake, was up five cents at $69.21.

The other big retail banks were also in positive territory. ANZ had advanced 30 cents to $28.11, NAB was up 21 cents at $30.70 and Westpac was up 34 cents at $30.28.

KEY FACTS * At 10.10am AEDT today, the benchmark S&P/ASX200 index was up 14.6 points, or 0.29 per cent, at 4981.9 points.

* The broader All Ordinaries index was up 13.9 points, or 0.28 per cent, at 4996.5 points.

* The March share price index futures contract was up 35 points at 4998 points, with 7435 contracts traded. The contract expires at 12pm AEDT.

* The June share price index futures contract was up 26 points at 4999 points, with 11,855 contracts traded.

* National turnover was 690.96 million securities worth $2.24 billion.

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