Australian market set to open up slightly

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THE Australian market looks set to open slightly higher following positive sessions on most major international markets and with Wall Street’s S&P 500 lifting close to a record high.

At 0645 AEDT on Friday, the share price index was up 11 points at 5,349. The US benchmark S&P 500 index rose as bank stocks got a boost on bets the Federal Reserve is on track to raise interest rates in December following comments by Chair Janet Yellen.

Yellen said in congressional testimony that the Fed could raise interest rates relatively soon and was prepared to adjust its outlook as the new administration takes shape.

Locally, no major economic news is expected on Friday.

In equities news, Myer, iSelect, Vicinity Centres, Kogan, Capilano Honey and Automotive Holdings hold their annual general meetings.

In Australia, the market on Thursday held onto a slim gain as investors wonder how the US political landscape will change under Donald Trump when he assumes the presidency.

The benchmark S&P/ASX200 index gained 10.8 points, or 0.2 per cent, to 5,338.5 points.

The broader All Ordinaries index rose 9.3 points, or 0.17 per cent, to 5,408.9 points.

US sharemarkets were generally firmer on Thursday. Federal Reserve chair Janet Yellen noted that rates were likely to rise relatively soon and this provided support to the banking sector.