The Australian stock market opened higher this morning, led by the big miners after strong gains in the US overnight.
At 1011 AEDT, the benchmark S&P/ASX200 index was up 27.7 points, or 0.65 per cent, at 4,283.2, while the broader All Ordinaries index was up 27.6 points, or 0.63 per cent, at 4,373.6.
On the ASX 24, the March share price index futures contract was up 32 points at 4,281, with 7,019 contracts traded.
US stocks closed higher on Thursday but failed to lock in early strong gains helped by positive jobs data and a key ruling for the pending Greek debt write-off that had boosted the Dow back above the 13,000 line.
At the closing bell, the Dow Jones Industrial Average was up 28.23 points (0.22 per cent) to 12,980.30.
IG Markets analyst Stan Shamu said the market had been driven higher by gains among the major miners following strong commodity price gains.
"We're seeing a little bit of strength after gains in the US overnight since US stocks reached new post GFC highs," Mr Shamu said.
"It's a pretty bullish lead."
However, he said there were very few leads from local companies as reporting season finishes this week and no major economic events are listed.
AT 1015 AEDT the materials sector was around 0.8 per cent higher.
BHP shares were 29 cents, or 0.82 per cent, higher at $35.84 and Rio Tinto shares were 58 cents, or 0.88 per cent, higher at $66.83.
Major financial stocks were also trading well on Friday morning.
Commonwealth Bank shares were 28 cents higher at $49.34, the National Australia Bank was up three cents at $23.61, ANZ gained 27 cents to $21.96 and Westpac was up 17 cents to $20.87.
Strength in the financial sector came after major world banks dodged a big hit from the Greek debt crisis and rallied on Thursday to lead the stockmarket higher.
European stock markets closed higher as an EU summit gave the all clear on the latest Greek bailout accord and borrowing costs for Italy and Spain fell sharply.
AT 1030 AEDT on the local market more than 450 stocks were higher, 174 were lower and 285 were unchanged.
