SYDNEY, Feb. 15 (Xinhua) — The Australian share market opened higher on Monday after Wall Street saw new record closing highs on Friday as the early positive feedback on COVID-19 vaccine’s results and declining infection rates boosted the market sentiment.
At 10:30 (AEST), the benchmark S&P/ASX 200 index rose 52.80 points, or 0.78 percent, to 6,859.50, while the broader All Ordinaries index was up 60.10 points, or 0.84 percent, at 7,141.40.
The market gains were led by materials and energy as the general commodity prices continued the bullish advances, with local oil producers all surging over 2 percent at early morning trade on Monday, supported by the rise of the crude market for four weeks.
“Overall sentiment remains positive towards growth, and energy, metal and stock markets rallied on Friday night,” CMC Markets chief market strategist Michael McCarthy said.
“Asia-Pacific markets are set for opening gains, although volumes may once again reflect holiday restricted trading conditions.”
In the financial space, Australia’s big banks were mostly higher with ANZ up (1.23 percent), National Australia Bank up (1.36 percent) and Westpac Bank up (1.27 percent), however, the Commonwealth Bank was down (0.33 percent).
Mining stocks rallied with Rio Tinto up (1.93 percent), BHP up (2.06 percent), Fortescue Metals up (1.68 percent), gold miner Newcrest up (0.54 percent)
The country’s oil and gas producers surged with Oil Search up (2.84 percent) and Santos up (2.06 percent), Woodside Petroleum up (2.08 percent).
Australia’s largest supermarkets mixed with Coles up (0.11 percent), and Woolworths down (0.02 percent).
Meanwhile, telecommunications giant Telstra was up (0.92 percent), the national carrier Qantas jumped (2.53 percent) and biomedical firm CSL improved (0.47 percent). Enditem