SYDNEY, Jan. 29 (Xinhua) -- The Australian stock market opened higher on Monday, on the back of highs on Wall Street.
At 10:16 (AEDT), the benchmark S&P/ASX 200 index was up 16.5 points or 0.27 percent at 6,066.5, while the broader All Ordinaries index added 15.6 points or 0.25 percent at 6,180.3.
"More record highs on Wall Street will push Asia-Pacific markets higher at today's open, according to futures traders. However, a data packed week and stock reporting seasons around the globe should see market focus turn to the numbers. A weakening U.S. dollar may prove a brake on any investor exuberance," CMC Markets chief market strategist Michael McCarthy said in a morning note to investors.
"The positive stock impulse is further supported by rallies in oil and gold. Disappointingly copper and iron ore dropped despite the currency support across the commodity complex. Traders highlighted weaker than expected U.S. GDP growth in the advance estimates as a catalyst. Share market bulls pointed to stronger durable goods orders and prices to justify the gains."
Latest figures from China's Purchasing Managers' Index, Japan's retail sales and Australia's inflation form some of the "full hand of macro data" that could "see market volatility increase across the board this week", said McCarthy.
The big banks opened mostly lower, with ANZ down 0.52 percent, the National Australia Bank slipping 0.58 percent and Westpac dipping 0.26 percent.
Mining giant BHP Billiton was up 0.55 percent and rival Rio Tinto added 0.78 percent. Newcrest Mining lifted 2.23 percent. Oil and gas major Santos shed 0.76 percent and Oil Search slipped 0.25 percent, while Woodside Petroleum gained 0.41 percent.
Wesfarmers added 0.23 percent while rival supermarket chain Woolworths was down 0.37 percent.
Qantas slipped 0.38 percent, telco Telstra dipped 0.28 percent and biomed group CSL was down 0.18 percent.
