Australian market opens stronger, halting declines

APD

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The Australian share market opened slightly stronger on Friday after declining 4.7 percent in the four sessions to Thursday.

The benchmark S&P/ASX200 gained 0.37 percent at the opening to 5,524.9 points, while the broader All Ordinaries index jumped 0.35 percent to 5,530.5 points.

Health care was the best performing sector on the local market adding 1.28 percent.

Ramsay Health Care gained 2.64 percent while Estia Health jumped 2.5 percent.

Materials added 0.3 percent after the iron ore priced approached a four-month high in overnight trade.

BHP Billiton rallied 0.21 percent while Rio Tinto added 0.69 percent.

CMC chief market analyst Ric Spooner told Business Review on Friday that despite higher iron ore prices and calmer bond markets, investors will head into the last day of a tough trading week with caution.

"There is no reason yet to suggest that the recent bond rout has come to an end," Spooner said, noting that the Australian market won't open again until Tuesday.

"With bond markets volatile, Greek debt negotiations at crunch point and data on U.S. jobs and China's trade to be released before our markets re-open, a safety first approach seems logical. "