The Australian sharemarket has opened stronger due to record Chinese credit growth, a strong lead from Wall Street and better-than-expected domestic earnings season.
CMC Markets chief analyst Ric Spooner said the weekend announcement of record credit growth in China for January had allayed some investor concern.
"In the short term, it allays the fears that some people have that things are starting to slow down significantly in China," he said.
He said that combined with a strong lead from Wall Street and a better-than-expected local earnings season it had led to the Australian market starting the week on a positive note.
The Chinese credit growth had also caused the local mining giants to open strongly.
At 1026 AEDT, BHP Billiton was up 29 cents, or 0.78 per cent, at $37.99, Rio Tinto had lifted 92 cents, or 1.35 per cent, to $68.82 and Fortescue had jumped seven cents, or 1.23 per cent, to $5.77,
However, the big four banks had a mixed start.
Commonwealth Bank was down $1.60, or 2.11 per cent, at $74.39, but ANZ was up 29 cents, or 0.93 per cent, at $31.63, Westpac had gained 19 cents, or 0.58 per cent, to $32.94 and National Australia Bank was 31 cents, or 0.91 per cent, better at $34.43.
The Dow Jones Industrial Average on Friday jumped 126.80 (0.79 per cent) to 16,154.39.
The broad-based S&P 500 rose 8.80 (0.48 per cent) to 1,838.63, while the tech-rich Nasdaq Composite Index tacked on 3.35 (0.08 per cent) to 4,244.03.
- At 1026 Monday, the benchmark S&P/ASX200 index was up 21.6 points, or 0.4 per cent, at 5,377.9 points.
- The broader All Ordinaries index was up 23 points, or also 0.43 per cent, at 5,389.9 points.
- The March share price index futures contract was at 5,343 points, with 7,996 contracts traded.
- National turnover was 307 million securities worth $709.8 million.