Aust stocks open slightly higher

By Chris Kohler

The Australian sharemarket opened slightly higher amid mixed earnings reports and flat leads from Wall Street following a spike in violence on the Ukraine boarder. At the 10. 15am (AEST) official market open, the benchmark S&P/ASX200 index rose 13 points, or 0. 23 per cent, to 5,579. 5, while the broader All Ordinaries index gained 13. 4 points, or 0. 24 per cent, to 5,573. "Australian markets are likely to be heavily focussed on profit results today with investors consigning Ukraine to the too hard basket," CMC Markets chief market analyst Ric Spooner said. "NAB’s quarterly update is another in a string of reports suggesting that the big four banks struggled to maintain revenue momentum last quarter. "While NAB’s revenue was held back by trading income from low volatility markets last quarter, the growth outlook for banks might make it difficult to push share prices aggressively higher given current high valuation multiples," Mr Spooner said.

Read more here: Business Spectator


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