The Australian share market has opened more than one per cent higher in the wake of strong leads from overseas markets.
Stocks across the board lifted, although blue-chip stocks BHP Billiton and Woolworths were lower as they traded ex-dividend.
Rivkin chief executive Scott Schuberg said several factors were contributing to the strong opening to trade.
“We obviously got a half decent lead last night,” he said.
“But I think more significantly, aside from Japan, the rest of Asia rallied yesterday, US futures were looking pretty solid, and we had a bullish close yesterday.
“So as long as we got a positive signal overnight (from overseas markets) to re-affirm that close from yesterday, then traders were going to jump straight back on to buy this morning.”
Furthermore, Schuberg said, the firmer Australian dollar was strengthening sentiment, as had Woodside Petroleum’s proposal on Tuesday to acquire Oil Search.
US stocks powered higher on Tuesday, rallying with most global equity markets following a rise in Chinese stocks and improved eurozone economic data.
On the local bourse in the resources sector at 1025 AEST, global miner BHP Billiton was 26 cents lower at $24.44, Rio Tinto added 96 cents to $51.18, and Fortescue Metals was up 13 cents at $2.09.
Oil and gas producer Woodside Petroleum was nine cents richer at $29.75, and Oil Search was off 14 cents at $7.76.
Among the major banks, Commonwealth Bank ascended $2.19 to $76.36, Westpac gained 60 cents to $31.12, National Australia Bank jumped 58 cents to $30.78, and ANZ advanced 68 cents to $28.21.
Retailer Woolworths was down 23 cents at $25.10.
Telstra was up 10 cents to $5.78.
KEY FACTS
* At 1031 AEST on Wednesday, the benchmark S&P/ASX200 index was up 71.2 points, or 1.39 per cent, at 5,186.4 points.
* The broader All Ordinaries index was up 68.9 points, or 1.34 per cent, at 5,202.4 points.
* September share price index futures contract was up 88 points at 5,188 points, with 13,700 contracts traded.
* National turnover was 363.1 million securities worth $944.6 million.
– AAP
