The Australian stock exchange opened higher today following a higher closing of the Dow Jones industrial average.

The September share price index contract is 24 points higher at 4653 points. A total of 3476 contracts have been traded. The US S&P500 dropped 0.04 percent to 1124.66 and Europe's FTSE 100 decreased 15.42 points to 5540.14.

The German DAX 30 closed 12.22 points lower at 6249.65 points, and the French CAC 40 fell 19.34 points at 3755.64 points.

Minerals and resources companies should be given a close watch today after lower metal prices brought down their share prices during Thursday's trading. BHP Billiton Limited (ASX: BHP) shares went down 73 cents to $38.71. Rio Tinto Limited (ASX: RIO) shares also fell $1.48 at $73.82.

Investor confidence also weighed down on the banks. Westpac banking Corporation (ASX: WBC) was 34 cents lower at $23.29. The National Australia Bank (ASX: NAB) was 13 cents lower at $25.81. Australia and New Zealand Bank (ASX: ANZ) dropped 50 cents at $23.66 and the Commonwealth Bank of Australia (ASX: CBA) closed $1.23 lower at $52.57.

Retailer Woolworths Limited (ASX: WOW) enjoyed a rise of 18 cents at $28.76. Harvey Norman Holdings Limited (ASX: HVN) went up 4 cents at $3.84, but . David Jones Limited (ASX: DJS) dropped 6 cents at $5.19.