Australian market set to open higher

THE Australian market looks set to open higher, after Wall Street stocks rose one per cent overnight.

THE Australian market looks set to open higher, after Wall Street stocks rose one per cent overnight. At 0704 AEST on Friday, the September share price index futures contract was up 39 points at 5,505.

The Nasdaq has powered to a fresh record, easily topping the prior all-time high in a broad rally that withstood signs that a Greek debt default could be moving closer.

In Australia on Thursday, extra trading volumes sparked heavy falls among the ASX’s biggest stocks despite there being no specific economic reasons for it, with the negative sentiment of the last six weeks a key driver.

The benchmark S&P/ASX200 index was down 70.5 points, or 1.26 per cent, at 5,524.9 points.

The broader All Ordinaries index was down 67.6 points, or 1.21 per cent, at 5,522.7 points.