Aust stocks open higher

The Australian stock market has opened firmer, with the big miners among the better performers in early trade.

BHP and Rio have continued their recent run higher after touching multi-month lows in April amid concerns about falling commodities prices, particularly iron ore.

On Wednesday, BHP was up 51 cents, or 1.46 per cent, at $35.34, while Rio had risen $1.18, or 2.13 per cent, to $56.48.

BBY private client adviser Henry Jennings said some investors had taken advantage of the two mining giants' recent share price slump to lift their holdings in them.

Mr Jennings said a weaker Australian dollar, some encouraging signs on commodities prices, as well as a greater focus on costs and shareholder returns from new management at BHP and Rio, had also supported the rally.

"I think there is still some bargain hunting in BHP and Rio," Mr Jennings said.

There was a negative reaction to the latest sales results from Myer, where total sales for the three months to April rose half a per cent to $652.5 million.

Myer was down four cents, or 1.44 per cent, at $2.73.

In other news, Seven West Media said private equity firm KKR sold its 12 per cent stake in the diversified media house for $2.21 a share, a three per cent discount on Tuesday's closing price of $2.28.

The sale, to institutional and professional investors, netted KKR about $260 million.

Seven West was down 15 cents, or 6.58 per cent, at $2.13.

"It is always a little bit worrying for investors, I guess, when someone big like that moves out of the stock," Mr Jennings said.

Mr Jennings said he expected the market to drift along at close to current levels for the rest of the local trading day.

KEY FACTS

* At 1038 AEST, the benchmark S&P/ASX200 index was up 14.6 points, or 0.28 per cent, at 5,194.7 points.

* The broader All Ordinaries index was up 14.1 points, or 0.27 per cent, at 5,170.3 points.

* The June share price index futures contract was up six points at 5,198 points, on volume of 11,823 contracts.

* National turnover was 410 million securities worth $1.1 billion.

• Find a personal loan
• Find a credit card
• Find a home loan
• Find a savings account