The Australian share market opened higher today, boosted by a rally on Wall Street overnight. The gains came despite a fall in metal and oil prices.

At noon, the S&P/ASX200 index was up 94 points, while the All Ordinaries had added 87.

US stocks rallied on Thursday after better-than-expected economic data from the Commerce Department, and a rise in the US dollar.

At close of trade, the Dow Jones Industrial Average had gained 189 points, finishing above 13,000 points for the first time since January. The tech heavy Nasdaq added 67 points.

In Asian trading today, Japan’s Nikkei was up 244 points at midday, while Hong Kong’s Hang Seng re-opened after yesterday’s public holiday to sit up 552 points at noon.

Back home on the ASX, respiratory equipment maker ResMed today reported earnings of $31 million for the March quarter, compared to a $16 millon loss for the same period last year

ResMed said the gains came on the back of lower expenses, and higher sales of its sleep disorder devices. The group, together with larger rival Respironics, controls about 80 per cent of the US’s rapidly growing $2 billion sleep-breathing device market.

In other news, iron ore prospector Murchison Metals today denied reports that it was in takeover talks with Sinosteel, saying there had been no discussions with the Chinese steel maker.

Murchison shares have surged almost 20 per cent since Tuesday when it said that Sinosteel had acquired 2.4 per cent of its stock. The state-owned Chinese company is currently in the middle of a $1.3 billion takeover of Murchison's rival Midwest Corp.

Finally, oil and gas giant Santos was another company to play down takeover speculation today, following a sharp rise in its stock on Tuesday. The speculation mounted after BG Group launched a $13 billion bid for Santos rival Origin Energy.

Santos said today that it was in the early stages of considering potential strategic initiatives, and that it was aware of media speculation borne out of the Origin takeover bid. But the Adelaide-based company said it had nothing to announce at this stage.

Now for a look at some individual share price movements on the ASX this morning.

Resource stocks mostly gained despite a drop in metal and oil prices. At midday BHP Billiton was up 31 cents, Fortescue Metals gained 26, Rio Tinto added 72 cents, and Woodside Petroleum slipped 39.

Banking stocks led the market. ANZ was up 85 cents at midday, Commonwealth Bank gained $1.14, National Australia Bank added $1.26, Westpac put on 67 cents.

Other blue chips also gained. AMP was up 25 cents at noon, News Corp gained $1.10, Telstra put on a cent, and Woolworths added 57.