SYDNEY, Jan. 24 (Xinhua) -- The Australian stock market opened higher on Wednesday, with recent momentum and U.S. profit reports set to provide support.
At 10:15 (AEST), the benchmark S&P/ASX 200 index was up 15.6 points or 0.26 percent at 6,052.6. The broader All Ordinaries index also gained 15.6 points, or 0.25 percent at 6,166.3.
"A continuation of yesterday's bargain hunting momentum and more good news on the US profit-reporting season, should deliver a solid opening for the ASX 200 index this morning," CMC Markets chief market analyst Ric Spooner said in a morning note to investors.
But the index will have to "battle the headwind of selling in mining stocks. Rising inventories in copper and iron ore have dented short-term confidence in industrial metals after strong gains. This means the Australian market will not be firing on all cylinders. Some active traders are likely to be rotating out of mining stocks, looking for better value in other sectors", he added.
The big banks opened higher, with ANZ climbing 1.52 percent, Commonwealth Bank of Australia gaining 0.51 percent, the National Australia Bank up 0.66 percent and Westpac adding 1.05 percent.
Mining giant BHP Billiton edged up 0.03 percent and rival Rio Tinto gained 0.46 percent. Newcrest Mining added 0.26 percent. Oil and gas major Santos climbed 1.17 percent amid positive full-year revenue, Woodside Petroleum gained 1.18 percent and Oil Search was 0.39 percent higher.
Wesfarmers gained 0.21 percent while rival supermarket chain Woolworths slipped 0.37 percent.
Qantas dipped 0.19 percent and biomed group CSL added 0.76 percent.
