Australian sharemarket opens higher

THE Australian sharemarket has opened firmer after markets in the United States pushed to new highs.

On Wall Street overnight, investors were buoyed by a government report pointing to lower-than-expected jobless claims.

The Dow Jones Industrial Average climbed 62.9 points, or 0.42 per cent, to 14,865.14.

IG Markets market strategist Stan Shamu said the local bourse had taken its lead from the continued upward momentum of US markets.

"That sharp drop in unemployment claims (in the US) was quite impressive," Mr Shamu said.

"That really helped US markets, and, in turn, Australian equities are benefiting from this as well."

In the resources sector at 1019 AEST, Woodside Petroleum was 99 cents higher at $36.27 after it dumped plans for its controversial $45 billion liquefied natural gas project at James Price Point in Western Australia.

Woodside will review alternative ideas with its joint-venture partners in the Browse project.

Mr Shamu said analysts had believed that Woodside may have had to raise capital if the Browse project went ahead in its current form, so the fact that it was reconsidering the project was seen as positive for the moment.

Global miner BHP Billiton was 12 cents lower at $33.28, and Rio Tinto dumped 80 cents to $57.23.

Engineering and asset management firm Calibre Group plummeted 61 cents, or 50.41 per cent, to 60 cents after it issued a profit warning, citing challenging market conditions.peAmong the major banks, ANZ was 17 cents higher at $28.86, Commonwealth Bank rose 38 cents to $68.43, National Australia Bank climbed 10 cents to $31.70, and Westpac dipped three cents to $31.50.

KEY FACTS

- At 1027 AEST on Friday, the benchmark S&P/ASX200 index was up 10.4 points, or 0.21 per cent, at 5,017.5 points.

- The broader All Ordinaries index was up 9.4 points, or 0.19 per cent, at 5,019.7 points.

- The June share price index futures contract was up three points at 5,014 points, with 6,668 contracts traded.

- National turnover was 233.9 million securities worth $434.3 million.

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