Australian shares open firmer

The Australian share market opened 0.2 per cent firmer, after Wall Street posted modest gains on the first anniversary of the US share market's 12-year low.

At 10.15am AEDT (12.15pm NZT), the benchmark S&P/ASX200 index was trading 10.1 points higher, by 0.21 per cent, at 4830.2 points, while the broader All Ordinaries index gained 11.5 points, or 0.24 per cent, to 4840.8.

On the Sydney Futures Exchange the March share price index contract was 16 points higher at 4836 on volume of 5780 contracts.

Major Wall Street indices posted modest gains on the anniversary of the 2009 share market's 12-year low set in 2009, marked by cautious trading in the absence of major economic data and earnings reports.

Since the low, the Dow Jones Industrial Average has risen 61.2 per cent, while the benchmark Standard & Poor's 500 index has climbed 68 per cent and the Nasdaq composite has advanced 84 per cent.

The Dow Jones Industrial Average closed 11.86 points higher, by 0.11 per cent, at 10,564.38 points, while the Standard & Poor's 500 index firmed 1.95 points, or 0.17 per cent, to 1140.45.

The tech-laden Nasdaq composite finished up 8.47 points, or 0.36 per cent, at 2340.68 points.

The Australian market was supported by modest gains in amongst major banks and diversified financials at today's open.

Commonwealth Bank of Australia led the sector higher, gaining 73 cents, or 1.32 per cent to A$55.94, while Westpac Banking Corporation advanced 25 cents, or 0.93 per cent, to A$27.22.

ANZ added 21 cents to A$24.03 and National Australia Bank put on 18 cents to A$27.05.

Wealth manager and insurer AMP gained eight cents, or 1.31 per cent to A$6.18, rival AXA Asia Pacific Holdings firmed four cents to A$6.33, and QBE Insurance put on 15 cents to A$21.25.

But major miners were weaker after being the worst performing sector in the US trading session overnight, with sector leaders BHP Billiton and Rio Tinto losing ground in UK trade, IGMarkets' analyst Ben Potter said.

In Australia on Wednesday morning, BHP Billiton fell 15 cents to A$43.25 and Rio Tinto was down 35 cents at A$75.80.

RBS Morgans' private client adviser, Craig Walker, said trading volumes were muted, with the banks the best performers in opening trade.

Profit-takers had hit BHP Billiton and Rio Tinto.

"That reflects a mixed bag in metals trading overnight," Mr Walker said.

By 10.40am AEDT, regional banks were lower across the board, with Bank of Queensland down 13 cents, or 1.13 per cent, at A$11.37, Bendigo and Adelaide Bank seven cents lower at A$9.87, and Suncorp-Metway losing two cents to A$8.61.

Oil stocks were mixed, with Santos down 12 cents at A$13.96, Oil Search firming one cent to A$5.65 and Woodside Petroleum gaining 31 cents to A$45.53.

Major gold miners gained ground despite gold trading flat in offshore markets.

Lihir Gold advanced seven cents, or 2.42 per cent, to A$2.96 and Newcrest Mining gained nine cents to A$34.39.

By 10.45am AEDT, the spot price of gold in Sydney was $US1,122.40 per fine ounce, up 52 US cents on yesterday's closing price of $US1,121.88.

Mr Walker said Telstra Corporation was trading up five cents, or 1.72 per cent, at A$2.96, its best performance in a week and five cents up on the stock's all-time low.

"After loitering around the A$2.90 mark, it's finally started to generate a little bit of interest," he said.

Singapore Telecommunications, owner of Optus, added one cent to A$2.47.

- AAP