SYDNEY: Australian stocks opened 1.14 percent stronger Friday following gains on Wall Street and in European markets overnight on greater confidence in EU leaders to ensure struggling banks remain stable.
The benchmark S&P/ASX 200 climbed 46.6 points to 4,116.3 in the first 10 minutes of trading, after the Dow Jones Industrial Average closed up 1.68 percent to 11,123.33.
The rise came after the Australian market gained 3.65 percent on Thursday but there were still concerns about European sovereign debt "bubbling away in the background", Julia Lee from Bell Direct said.
"After logging its best one-day rally in almost three years the ASX 200 is set to build on this week's momentum and finish the week with solid gains," IG Markets Cameron Peacock added.
"Broad based gains can again be expected with the materials, energy and financial sectors likely to continue their sharp snap back rallies."
The Aussie dollar was trading at 97.36 US cents, up from 96.56 US cents on Thursday.
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