The Australian market has opened higher despite weak leads from Wall Street, as buyers took advantage of cheaper resources stocks.
At 1020 AEST on Monday, the benchmark S&P/ASX200 index was up 25.2 points, or 0.63 per cent, at 4,054 while the broader All Ordinaries index was 24.2 points, or 0.59 per cent, higher at 4,105.4.
On the ASX 24, at 1039 AEST, the June share price index futures contract was up 25 points at 4,056, with contracts 9,517 traded.
RBS Morgans Brisbane senior dealer Luke McElwaine said the local market had opened strongly despite a weak lead from overseas markets, due to buyers taking advantage of cheaper resources stock.
“It’s bucked the trend of what’s happened in the (United) States on Friday night,” he said.
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