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Aussie shares open slightly higher

Xinhua, June 6, 2016 Adjust font size:

The Australian share market opened slightly higher on Monday.

At 10:10 a.m. local time (AEST), the benchmark S&P/ASX200 index was up 4.51 points, or 0.08 percent, at 5,323.4, while the broader All Ordinaries index was up 5.35 points, or 0.10 percent, at 5,397.9.

IG market analyst Angus Nicholson said in a note on Monday the iron ore price regained its 50 U.S. dollar handle that boded well for the ASX.

"We are currently expecting to open relatively unchanged from Friday's close around 5319," Nicholson said.

He noted, however, it would not be a good day for U.S. dollar earners or stocks like QBE that people view as a U.S. rates proxy.

"It especially bodes well for Whitehaven Coal (WHC), our momentum pick last Monday (up 11.3 percent on the week), which is likely to continue its irrepressible rise for the moment despite being one of the most hated stocks in the index."

At the open, ANZ was down 0.48 percent, the Commonwealth Bank of Australia lost 0.33 percent, the National Australia Bank was down 0.11 percent, and Westpac was flat.

Rio Tinto opened 2.39 percent higher, while BHP Billiton was up 3.4 percent.

Woodside was down 0.22 percent. Endit