The Australian market shrugged off Wall Street's negative lead and opened firmer this morning on optimism over US economy. Financials and mining stocks led the market rise. The benchmark S&P/ASX200 index gained 0.58 per cent, while All Ordinaries rose 0.71 per cent in early trade.
Friday Asian markets broadly rebounded after Wall Street gained on a string of positive earnings reports. The Australian share market rose 0.5 per cent in early trade with material and financial stocks firmer. Today the Reserve Bank of Australia publishes financial aggregates data for March. The Housing Industry Association releases new home sales report for March.
Australian shares and Asian markets Friday were down on the US Federal Reserve's decision to raise the discount rate for the first time since the financial crisis. NAB's flat cash earnings result also weighed on the Australian shares. At the close, the benchmark S&P/ASX200 index declined 19.8 points, or 0.4 per cent, at 4635.1, while the broader All Ordinaries index slid 17.6 points, or 0.4 per cent, to 4656.3. The local market gained 2 per cent for the week.