The Australian stock market is likely to open stronger after the Dow Jones hit a two-month high overnight.

On the Sydney Futures Exchange this morning, the September share price index contract climbed 26 points at 4502 points. Yesterday, the major indices closed about 0.6 per cent up.

In economics news, a Trades Report for the June quarter is due from the Housing Industry Association today.

In companies news, Australand is set to issue its half-year results, while Centennial Coal releases its quarterly activities report. Oil Search declares its June quarter production outcome.

In Melbourne, the Committee for Economic Development of Australia is scheduled to hold a panel discussion on the national broadband network.

Shares closed higher on Monday, bolstered by robust sales data from Wesfarmers and buoyant banking stocks.

The benchmark S&P/ASX200 index rose 27.7 points, or 0.62 per cent, at 4,486.1 points. Meanwhile the broader All Ordinaries index climbed 29.3 points, or 0.66 per cent, to 4,504.4.