AUSTRALIAN stocks have opened firmer, with the big retail banks among the better performers on a day of broad-based gains.
The local market pushed back through the 5000 point barrier after taking its cues from a positive finish on Wall Street.
The Dow Jones climbed 0.61 per cent overnight to close at an all-time high and the S&P500 gained 0.52 per cent.
Bell Potter senior adviser Stuart Smith said he expected investors to add to their share portfolios over the remaining three months of the 2012/13 financial year. The arrival of dividend payments in many investors' accounts would also support buying on the stock market.
"Nine times out of 10 that will find its way into the market as long as confidence sees the light at the top of the stairs," Mr Smith said. "The market is topping up on their holdings."
Making news today, ANZ's chief executive of institutional and international banking Alex Thursby will leave the bank at the end of April to become chief executive of a Middle East bank. ANZ fell two cents to $28.80.
The three other big retail banks were also higher - CBA rose 49.5 cents to $69.445, NAB advanced 25 cents to $31.20 and Westpac was 34 cents higher at $31.36.
"There is this underlying strength of the banks with the thought that it is better to own the banks than have money in the bank and at this point that makes eminent sense," Mr Smith said.
Telecoms were the best-performing sector at the open, having risen 0.91 per cent. Telstra was five cents, or 1.12 per cent, higher at $4.53.
KEY FACTS
* At 10.30am AEDT today, the benchmark S&P/ASX200 index was up 19.3 points, or 0.39 per cent at 5004.8 points.
* The broader All Ordinaries index was up 17.6 points, or 0.35 per cent, at 5013.1 points.
* The June share price index futures contract was up 31 points at 5007 points, with 7846 contracts traded.
* National turnover was 280.5 million securities worth $603.1 million.
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