Australian market set to open higher

THE Australian market looks set to open higher after Wall Street rallied sharply, juiced by a jump in Apple shares.

In Australia, the market on Monday closed higher.

THE Australian market looks set to open higher after Wall Street rallied sharply, juiced by a jump in Apple shares and gains from energy stocks that were backed by stronger oil prices.

At 0645 AEST on Tuesday, the share price index was 43 points at 5,389.

Locally, in economic news on Tuesday, the Reserve Bank of Australia releases the minutes of its May board meeting, while the Australian Bureau of Statistics releases April’s new motor vehicle sales figures.

The ANZ-Roy Morgan weekly consumer confidence survey is also due out.

In equities news, DuluxGroup and Ruralco are expected to post half-year results.

Meanwhile, the Australian Shareholders Association holds its annual general meeting in Sydney.

In Australia, the market on Monday closed higher thanks to strong performances on Asian equity markets.

The benchmark S&P/ASX200 index was up 29.9 points, or 0.56 per cent, at 5,358.9 points.

The broader All Ordinaries index was up 24 points, or 0.45 per cent, at 5,420.3 points.