THE share market opened slightly higher today, following a subdued lead from Wall Street as a rise in local banks offset weaker miners.
At 10.15am (AEDT), the benchmark S&P/ASX200 index was up 7.2 points, or 0.15 per cent, at 4695.0, while the broader All Ordinaries index had risen 7.0 points, or 0.15 per cent, to 4768.5 points.
On the ASX24, the December share price index futures contract was 11 points higher at 4700, with 5783 contracts traded.
National Australia bank was up 63 cents, or 2.55 per cent at $25.38 after the company announced net profit in the 12 months to September 30 was $4.22 billion, up 63.2 per cent on the previous corresponding period.
The bank's preferred measure, cash earnings, was $4.58 billion, up 19.3 per cent on the previous period's $3.84 billion.
Fellow banks were higher also.
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Commonwealth Bank was 22c higher at at $50.40, and Westpac had risen 30c to $23.14.
ANZ was up 33c to $24.18 after the bank announced it would spend $250 million to increase its stake in Shanghai Rural Commercial Bank (SRCB).
US equities had slight gains in late afternoon trading today after a rise in consumer confidence offset disappointing news on home prices and earnings.
The Dow Jones industrial average settled 5.41 points higher, or 0.05 per cent, at 11,169.46.
The Standard & Poor's 500 index rose 0.02, or 0.00 per cent, to 1185.64, while the Nasdaq composite index rose 6.44, or 0.26 per cent, to 2497.29.
IG Markets Research Analyst, Ben Potter, said the local market had opened slightly stronger than expected today, led by the major banks.
"We are seeing a bit of strength in financials as we saw NAB reporting this morning," Mr Potter said.
"By all reports, the result appears to be in line with expectations, even maybe a tiny bit above expectations.
"It is a reasonable start to the market."
Mr Potter said investors were "fairly cautious" heading into the release of consumer price index (CPI) data for the September quarter at 11.30am.
The median market forecast was for the headline CPI to have risen by 0.8 per cent in the September quarter, for an annual pace of 2.9 per cent, according to a survey of 15 economists.
"It is going to be absolutely crucial in the RBA's (Reserve Bank of Australia) next move in terms of rates next week," Mr Potter said.
"It is probably one of the most important pieces of data in a number of months.
"CPI will dominate the day and it could certainly set the path locally for interest rates for the next three, four, five months."
The central bank will hold its board meeting on monetary policy on Tuesday, November 2.
At 10.37am the miners were weaker.
BHP Billiton was down 20c to $41.63 and Rio Tinto was 60c lower at $83.46.
Fortescue Metals was 8c lower at $6.50 after the iron miner said it had priced a $2.04 billion senior unsecured notes issue.
The Perth-based miner today said the cash raised in the issue will be used to fully repay its bank facility.
"Commodities (overnight) came under a bit of pressure as the US dollar did revamp a bit as well," Mr Potter said.
"That is seeing materials a bit weaker."
At 10.38am, the spot price of gold in Sydney was $US1342.20 per fine ounce, up $US3.80 from yesterday's local close of $US1338.40.
Gold miner Newcrest Mining was down 28c at $40.28.
1 big trade led to market plungeWall St surge helps share market
