Market set for stronger open

May day holiday in Europe and US markets under pressure.

THE Australian market looks set to open lower after falls on Wall Street following weak employment and manufacturing data, and as the Federal Reserve stuck to its aggressive economic stimulus program.

At 6.30am AEST today, the June share price index futures contract was down 30 points at 5131.

In economic news today, the Australian Bureau of Statistics is due to release March building approvals figures as well as international trade price indexes for the March quarter.

In equities news, APN News & Media and Hutchison Telecom have annual general meetings.

In Australia, the market yesterday closed lower, with weakness among the major miners helping snap a two-day rally.

Weaker commodities prices in offshore trade, as well as some disappointing Chinese manufacturing data prompted investors to bail out of resources-linked companies.

The benchmark S&P/ASX200 index was DOWN 25.00 points, or 0.48 per cent, at 5166.2 points, while the broader All Ordinaries index was DOWN 24.70 points, or 0.48 per cent, to 5143.9 points.

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Market set for stronger open

US Dow Jones and the S&P 500 indices hit record highs overnight.

AUSTRALIAN stocks have opened higher, led by strong gains from the big banks and supermarket chains.

Local market players took their cues from a positive night on Wall Street, where the Dow Jones Industrial Average and S&P500 posted fresh highs. However, the rise on the local market was not as great as US stocks, suggesting investors may be holding back slightly ahead of the Australian jobs figures due at 11.30am AEST.

Financial stocks were up one per cent at the start of trade, with bank stocks rebounding from yesterday's falls. ANZ was 28 cents higher at $28.53 while CBA rose 53 cents to $67.83, NAB climbed 28.5 cents to $31.485 and Westpac leapt 44 cents to $31.37.

Woolworths gained after reporting a 2.5 per cent rise in quarterly sales to $14.4 billion. Woolworths was up 27 cents at $34.16, while Coles owner Wesfarmers had advanced 20 cents to $40.32.

Lonsec senior client adviser Michael Heffernan said retailers such as Woolworths and Coles had "certainly stepped on the gas in the last couple of months".

"This report today I think just consolidates the respect with which these stocks are being held now," he said. "The result has gone down particularly well with the market."

Meanwhile, investors are awaiting the release of the Australian Bureau of Statistics' jobs figures for March at 11.30am AEST. Economists expected the nation to have lost 7500 jobs in the month, with the unemployment rate tipped to remain steady at 5.4 per cent.

Market players would also be looking at any revisions to the previous month's figure, which showed Australia added a surprisingly high 71,000 jobs in February.

"I think there could be a bit of angst about the unemployment figures," Mr Heffernan said.

KEY FACTS

* At 10.25am AEST today, the benchmark S&P/ASX200 index was up 31.6 points, or 0.64 per cent, at 4999.6 points.

* The broader All Ordinaries index was up 31.3 points, or 0.63 per cent, at 5005 points.

* The June share price index futures contract was up 37 points at 5001 points, with 6666 contracts traded.

* National turnover was 208.2 million securities worth $435.8 million.

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Stocks set for stronger open

The Dow Jones index hit a new record high helped by a strong start to the earnings season.

THE Australian share market has opened flat despite a lift in overseas markets overnight.

Early trading was marked by a massive 30 per cent drop in the shares of troubled surfwear retailer Billabong.

Billabong said after the market had closed yesterday that a consortium headed by its US-based executive Paul Naude was proposing to acquire all of Billabong's shares at 60 cents per share - a significantly lower price than the $1.10 proposed in a previous offer.

At 10.14am AEST, Billabong was 19.5 cents, or 26.71 per cent, lower at 53.5 cents.

CMC Markets chief market strategist Michael McCarthy said the local market had opened fairly calmly, with resources stocks lifting and the major banks falling.

"It looks like developments over the last week are now causing investors to move into that rotation (from banks to resources)," he said.

Mr McCarthy said resources stocks were lifting on the back of improved commodity prices, which benefited from better-than-expected inflation data out of China and moves by Japan to stimulate its economy. Global miner BHP Billiton was 97 cents higher at $34.08, and Rio Tinto surged $1.79 to $58.52.

Among the major banks, Westpac dipped 25 cents to $31.05, ANZ fell 26 cents to $28.22, Commonwealth Bank retreated 58 cents to $67.38, and National Australia Bank sagged 25 cents to $31.16.

On Wall Street overnight, the Dow Jones Industrial Average shook off early weakness and pressed through to another record close, led by strong gains in tech shares Microsoft and Intel. The Dow rose 59.98 points, or 0.41 per cent, to 14,673.46 points.

KEY FACTS

* At 10.26am AEST today, the benchmark S&P/ASX200 index was down 6.4 points, or 0.13 per cent, at 4970.4 points.

* The broader All Ordinaries index was down 4.8 points, or 0.1 per cent, at 4975.4 points.

* The June share price index futures contract was one point higher at 4970 points, with 10,834 contracts traded.

* National turnover was 264.2 million securities worth $529.1 million.

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Australian share market stronger at noon

THE Australian market is set for a strong start to trade with encouraging jobs figures in the United States helping Wall Street post its longest winning streak in more than 16 years.

At 6.50am AEDT today, the March share price index futures contract was up 20 points at 5050.

For the day ahead, there is no economic data scheduled for release.

The market today closed lower as better than expected jobs data dented the chance of more interest rate cuts.

The S&P/ASX200 index lost 60.2 points, or 1.2 per cent, to 5032.2 and the All Ordinaries dropped 60.6 points, also 1.2 per cent, to 5043.8.

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Australian share market opens stronger

THE Australian share market was trading higher at noon, with investors jumping in to buy cheap stocks following three days of losses.

All sectors were trading higher apart from gold stocks, with even mining stocks posting gains after being belted yesterday.

IG Markets market strategist Evan Lucas said it was interesting to see iron ore miners bounce back despite the ore price falling overnight to be down to $US131 ($126.81) a tonne from $US150 a fortnight ago.

"It suggests the materials space is finally looking cheap to people," he said. "Considering how much of a bull run we're in, that space has been well and truly lagging behind."

In the resources sector, global miner BHP Billiton was up 17.5 cents at $35.265, Rio Tinto had lifted 16 cents to $60.86 while Fortescue Metals was flat at $3.97. Oil and gas producer Woodside Petroleum was 63 cents richer at $36.87, and Santos climbed 12.5 cents to $13.055. Oil prices gained after strong US employment figures offset concerns about lofty petroleum supplies.

Stocks in the US have also posted their longest winning streak in more than 16 years.

The major banks are all performing strongly, with National Australia Bank adding 38 cents to $31.07, ANZ advanced 28 cents to $28.46, Commonwealth Bank had put on $1.05 cents to $69.93 and Westpac rose 53.5 cents to $30.665 after hitting record highs at the start of the week.

KEY FACTS

* At 12pm AEDT, the benchmark S&P/ASX200 index was up 55 points, or 1.09 per cent, at 5087.2 points.

* The All Ordinaries index was up 51.3 points, or 1.02 per cent, at 5095.1 points.

* The March share price index futures contract was 57 points higher at 5087 points, with 17,777 contracts traded.

* National turnover was 819.11 million securities worth $1.6 billion.

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