SYDNEY, Jan. 3 (Xinhua) -- The Australian stock market opened firmer on Wednesday, riding on solid Wall Street gains to start the new year on a confident note.
At 10:31 (AEDT), the benchmark S&P/ASX200 index was up 4.5 points or 0.07 percent at 6,065.8, and the broader All Ordinaries index added 4.6 points or 0.08 percent at 6,170.6 points.
U.S. investors were helping to start the year "with a confidence-boosting rally in cyclical stocks", CMC Markets chief market analyst Ric Spooner said in a morning note.
Overnight solid gains included those in the consumer discretionary, materials and info tech sectors, fueled by the "coordinated global growth theme" and "reinforced by tax cuts", he said.
The confidence is set to induce a firm start for Australia's main ASX200 index, "supported by good gains in the iron ore price". A better-than-expected read in the Caixin PMI Chinese manufacturing activity gauge will also provide background support for mining stocks, he said.
"While U.S. indices got the year off to a good start, they fell short of a strong move into new high ground, leaving open the possibility of a range trading scenario developing for a while," said Spooner.
"It seems likely the ASX200 will also remain below its recent high leaving room for doubt about the direction of the next major move. Yesterday's news of further weakness in the housing market is likely to be a headwind for the banks and the ASX200."
ANZ added 0.49 percent, Commonwealth Bank of Australia was up 0.25 percent, National Australia Bank lifted 0.24 percent and Westpac gained 0.35 percent.
Mining giant BHP Billiton jumped 2.12 percent and rival Rio Tinto climbed 2.14 percent. Newcrest Mining lifted 0.87 percent while Oil Search was up 0.13 percent.
Supermarket chain Wesfarmers dipped 0.29 percent and rival Woolworths fell 0.44 percent.
Qantas was up 0.2 percent, telecom giant Telstra slipped 0.14 percent and biomed group CSL edged 0.11 percent higher.
