Sydney - Australian stocks gained at the opening bell Friday after a Wall Street rally that saw the Dow put on 4.6 per cent.

The ASX 200 climbed 114 points, or 2.8 per cent, to 4,128 but was unlikely to match the resurgence in the US market.

Macquarie Bank economist Lucinda Chan said the reality of a global downturn was weighing on stocks, particularly those backed by commodities.

"Sentiment towards base metals in particular is very negative," Chan said. "People are moving out of those sectors at the moment." (dpa)