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Australian stocks open higher, S&P 200 gains 103.80pts

Australian stocks open higher, S&P 200 gains 103.80pts

SYDNEY: The Australian stock market opened notably higher on Friday, buoyed by mining giant Rio Tinto’s higher profit and share buyback. Sentiment was also boosted by the positive cues overnight from Wall Street, higher commodity prices and news of the ceasefire agreement in Ukraine.

In late-morning trades, the benchmark S&P/ASX 200 Index is gaining 103.80 points or 1.81 percent to 5,847.40, after rising to 5,859.80 earlier. The broader All Ordinaries Index is advancing 99.50 points or 1.74 percent to 5,807.20.

In the mining sector, BHP Billiton (BHP) is gaining almost 4 percent, Rio Tinto (RIO) is advancing 5 percent and Fortescue Metals is higher by 2.5 percent.