SYDNEY: The Australian sharemarket rallied almost 1.5 per cent at the open, following a 4 per cent surge on Wall Street overnight on better than expected economic data and hopes global markets were beginning to stablise after several sessions of extreme volatility.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index lifted 76.9 points, or 1.49 per cent, to 5249.7 points, while the broader All Ordinaries added 76.5 points, or 1.48 per cent, to 2555.4 points.
CMC chief market strategist Michael McCarthy said markets in the Asia Pacific region are set for further gains today after a strong night of trading in the US fuelled by better than expected economic data.
“Volatility remains elevated, and a sudden shift in sentiment is possible,” he said, adding that weaker commodity prices may dim any reporting season inspired enthusiasm for energy and materials stocks.
Locally on Thursday, the Australian Bureau of Statistics will release business investment figures for the June quarter.
Energy stocks led the market higher, lifting 2.58 per cent.
Woodside Petroleum gained 2.55 per cent to $31.76, while Santos added 2.53 per cent to $5.26.
Financials added 1.53 per cent.
