THE share market opened higher today, led by miners and banks, following a positive lead from Wall Street.
At 10.15am (AEST), the benchmark S&P/ASX200 index was up 35.1 points, or 0.77 per cent, at 4577.2 points, while the broader All Ordinaries index had risen 33.9 points, or 0.74 per cent, to 4593.6 points.
On the Sydney Futures Exchange, the September share price index contract was 28 points higher at 4547 points, with 5855 contracts traded.
The big miners were higher. BHP Billiton was up 31c, or 0.76 per cent at $40.99, while Rio Tinto had gained 85c, or 1.17 per cent to $73.69 ahead of the company's first half year reports later today.
Wall Street closed higher on reassuring signs on employment and growth in the services industry.
Major indices rose moderately after reports showed private sector hiring and services activity both grew more than expected in July.
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The Dow Jones industrial average gained 44.05 points, or 0.41 per cent, to 10,680.43. The Standard & Poor's 500 index added 6.78 points, or 0.61 per cent, to 1127.24, while the Nasdaq composite index lifted 20.05 points, or 0.88 per cent, to 2303.57.
Austock Securities senior client adviser Michael Heffernan said the performance of local resource companies was adding to the firm lead from Wall Street.
"If the American market has a good day, it is pound for peanuts that we are going to have a good day and that is what going on," he said.
"Stocks such as BHP, Woodside and Rio are up, and of course we have Rio reporting today.
"People are obviously anticipating a good result today."
In the news today, global media giant News Corporation has reported net profit of $US2.5 billion ($2.74 billion) for 2009/10, helped by blockbuster hit movie Avatar, and says the company is well positioned for growth.
It is a turnaround from the net loss of $US3.4 billion ($3.72 billion) in the prior year, which included $US9.2 billion in pre-tax impairment and other charges.
At 10.40am, shares in News Corp were up 55c, or 3.28 per cent at $17.30, while the company's non-voting shares were up 58c at $15.57.
"The good thing for the News Corp result is it is a bit reflective of how the economy is going," Mr Heffernan said.
"If advertising is improving, that reflects an economy which is moving along quite well in broad terms."
Tabcorp Holdings Ltd reported a 10 per cent fall in full year net profit due to weak gaming market conditions in Victoria and Queensland.
Tabcorp reported net profit of $469.5 million for the year to June 30, down from $521.7 million in the previous corresponding period.
Shares in the gaming company were down 16c, or 2.32 per cent, at $6.75.
Engineer Downer EDI Ltd has won a six-year contract worth $3 billion to provide mining services to Fortescue Metals Group's Christmas Creek project in Western Australia's Pilbara region.
Downer's share price was up 13c at $4.88, while Fortescue was 5c higher at $4.37.
Mr Heffernan said the local market should hold onto most of the gains for the rest of today.
"There is a good chance of us finishing up around half a per cent," he said.
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