SYDNEY: Positive offshore leads saw the Australian market rally at the open on Tuesday ahead of a closely watched board meeting of Australia’s central bank.
At the 10:15 a.m. (AEDT) official market open, the benchmark S&P/ASX200 index was up 46.2 points, or 0.89 percent, at 5,212, while the broader All Ordinaries gained 45.2 points, or 0.87 percent, to 5,266.5.
U.S. markets rose overnight after European purchasing managers data and U.S. manufacturing data met expectations, CMC Markets chief market analyst Ric Spooner told local media.
Despite savage selling on Monday that analysts said went too far, Spooner said investors would most likely be subdued until the Reserve Bank of Australia (RBA) releases its cash rate and monetary policy statement at 14:30 local time.
ANZ was up 1.2 percent, the Commonwealth Bank of Australia rose 0.77 percent, the National Australia Bank lifted 1.49 percent while Westpac edged 0.69 percent stronger.
BHP Billiton rallied 0.92 percent while rival Rio Tinto was up 1.2 percent.
Woodside Petroleum gained 0.51 percent while Oil Search was 0.25 percent higher.
Woolworths edged up 0.64 percent while Telstra added 1.42 percent.
