Aust stocks open higher

Local stocks have opened firmer with market players buoyed by the Chinese central bank's actions to support lending in one of Australia's key trading partners.

At 1025 AEST on Monday, the benchmark S&P/ASX200 index was up 3.7 points, or 0.09 per cent, at 4,288.8 points, while the broader All Ordinaries index had risen 3.5 points, or 0.08 per cent, to 4,346.2 points.

On the ASX 24, the June share price index futures contract was 11 points higher at 4,296 points, on volume of 8,120 contracts traded.

Over the weekend, the Chinese central bank lowered the amount of cash banks in that country must hold as reserves.

The move - in response to weak economic data - would free up money for Chinese banks to lend out in a bid to support continued growth in the emerging global economic superpower.

CMC Markets chief market strategist Michael McCarthy said the local bourse had opened up better than expected, albeit in cautious trading conditions, given Westpac went ex-dividend at the start of trade.

"That knocks 11 index points off," Mr McCarthy said.

"If we were to add that back in we are actually up around 12 points at the moment.

"The market is taking it as a positive that the Chinese authorities have moved to ease monetary conditions and stimulate demand."

The best-performing sector at the open was consumer discretionary stocks, which were up 0.57 per cent, according to IRESS data.

At the other end of the scale, the gold sector was down 1.02 per cent.

The spot price of gold in Sydney was $US1,582.90 per fine ounce, up $US1.15 from Friday's local close of $US1,581.75 per ounce.

National turnover was 213.4 million securities worth $507.4 million, with 272 stocks up, 247 down and 293 unchanged.

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