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Australian stocks start higher, S&P surges 85.7pts, All Ordinaries soars 80.6pts

Australian stocks start higher, S&P surges 85.7pts, All Ordinaries soars 80.6pts

SYDNEY: The Australian stocks opened higher, after powerful increases in international markets overnight.

At 7am (AEDT), the March share price index futures contract was up 41 points at 5,384.

Eurozone stocks have been boosted by reports that the ECB may launch a bigger stimulus program than expected, while British equities have moved higher on falling unemployment.

Locally on Thursday, the Housing Industry Association releases new home sales data for November and in equities news, medicinal cannabis company Phytotech lists on the Australian Stock Exchange.

The market made solid gains on Wednesday, buoyed by a strong production report from global miner BHP Billiton and expectations that the European Central Bank will take steps to boost the eurozone’s sputtering economy.

The benchmark S&P/ASX200 index was up 85.7 points, or 1.61 per cent, at 5,393.4 points.

The broader All Ordinaries index was up 80.6 points, or 1.52 per cent, at 5,367.4 points.