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Australian share market open higher

Xinhua, October 25, 2016 Adjust font size:

The Australian share market has opened higher.

At the open on Tuesday, the benchmark S&P/ASX200 index was up 28.2 points, or 0.52 percent, at 5,436.7, while the broader All Ordinaries index was up 28.1 points, or 0.51 percent, at 5,517.2.

CMC Markets chief market strategist Michael McCarthy in a research note said a better than expected manufacturing environment in the U.S., mega-mergers and a slew of local Annual General Meetings (AGMs) could have investors jumping on Tuesday's trade.

"Today (Tuesday) investors will hear from Tabcorp, GUD, Sirtex, McMillan Shakespeare, Fortescue and Bega Cheese, among others, at their AGMs," McCarthy said.

"Outlook statements remain crucial in the current uncertain environment, and investors will listen up for any buybacks or potential acquisitions," he said.

At the open, ANZ was up 0.28 percent, the National Australia Bank fell 0.40 percent, Westpac gained 0.46 percent, while the Commonwealth Bank of Australia tumbled 0.31 percent.

BHP Billiton rallied at 0.22 percent, rival Rio Tinto advanced 0.55 percent while gold miner Newcrest was 0.59 percent lower.

Oil Search slumped 1.97 percent, Santos retreated 2.86 percent while Woodside Petroleum was 1.06 percent lower.

Wesfarmers declined 0.29 percent while rival Woolworths sank 0.32 percent.

Qantas shed 0.62 percent while telecommunication giant Telstra's jumped 0.20 percent at Tuesday's open. Enditem