Aussie shares rise in early trading

The Australian share market has risen in opening trade, after US stocks closed higher for a seventh straight session.

At 10.15am AEDT (12.15pm NZT) the benchmark S&P/ASX200 index was up 8.5 points, or 0.18 per cent, at 4861.7, while the broader All Ordinaries index had risen 8.8 points, or 0.18 per cent, to 4875.7.

On the Sydney Futures Exchange, the June share price index contract was 14 points higher at 4891.

In the US overnight, stocks finished higher after an inflation report added to evidence that the Federal Reserve should not have to raise interest rates immediately, and Japan's central bank eased monetary policy.

The Dow Jones industrial average posted its seventh-straight gain, up 47.69 points, or 0.45 per cent, at 10,733.67, its highest since October 2008.

The broader Standard & Poor's 500 index rose 6.75, or 0.58 per cent, to 1,166.21, and the tech-heavy Nasdaq composite index was 11.08 points higher, or 0.47 per cent, at 2389.09.

At 10.15am AEDT, the major Australian banks were trading stronger.

NAB was 11 cents higher at A$26.94 ($34.84), Commonwealth Bank had risen 26 cents to A$56.40, and ANZ was 22 cents higher at A$24.83.

Macquarie Group was 51 cents higher, at A$49.88 and Westpac was up 12 cents at A$27.46.

Mining giant BHP Billiton was eight cents lower at A$43.22 at 10.15am AEDT, while rival Rio Tinto was up 39 cents at A$77.09.

The Department of Foreign Affairs and Trade has announced that four Rio Tinto employees who have been detained in China since July last year will face trial next week on charges relating to receiving bribes and stealing commercial secrets.

CMC Markets analyst David Taylor said the market was doing well after good economic news from the US.

"The data, although it wasn't hugely significant last night, keeps on proving quite positive, with the PPI (Producer Price Index) numbers out of the US put(ting) a lid on inflation for the time being," Mr Taylor said.

"We also saw a rise in the price of crude, based on a government report, and an import report as well, so we have continued confidence today," he said.

Benchmark crude for April delivery rose A$US1.23 to finish at A$US82.93 a barrel in the US overnight, as Opec members agreed to maintain the cartel's oil production ceiling.

Mr Taylor said the local materials sector was performing well, as were the finance and energy sectors.

"The risk play is back in vogue today, which is good to see," he said.

At 10.38am AEDT, Woodside Petroleum was up 79 cents at A$46.59 but its rival Oil Search fell one cent to A$5.87 after strong gains on Wednesday.

Gas giant Santos rose three cents to A$14.35 while Origin Energy was up one cent at A$16.66.

Among the gold miners at 10.41am AEDT, Lihir was up three cents at A$3.14 while Newcrest had fallen seven cents to A$34.06.

At 10.43am AEDT, the spot price of gold in Sydney was A$US1,122.00 per fine ounce, down A$US5.40 from Wednesday's close of A$US1,127.40 per ounce.

Shares in CBH Resources were steady at 18.5 cents, after the company's independent board committee recommended a bid by Toho Zinc Co to increase its stake in the miner to 49.9 per cent.

Media stocks were off to a poor start. At 10.45am AEDT, News Corp was off 19 cents at A$18.07 while the company's non-voting scrip was also 19 cents lower, at A$15.26.

Fairfax shares were steady at A$1.79 while Consolidated Media was down four cents at A$3.27.

Among the retailers, Coles owner Wesfarmers was down 12 cents at A$30.98 at 1051 AEDT, and rival Woolworths was up 19 cents at A$28.91.

Shares in Myer Holdings were up one cent at A$3.54, David Jones also was one cent stronger, at A$5.14, while Harvey Norman had fallen one cent, to A$3.73.

At 10.57am AEDT, the top-traded stock by volume was Telstra, with 43.89 million shares worth A$139.67 million changing hands.

Its share price was up six cents, or 1.92 per cent, at A$3.19 cents.

Overall turnover at 10.58am AEDT was 925.54 million shares worth A$2.87 billion, with 418 stocks up, 299 down and 334 unchanged.

- AAP