SYDNEY: Australian stocks rose 1.05 per cent at the open Friday after a strong rally in the United States, with miners leading the way on the back of a big spike in oil prices.
The benchmark S&P/ASX200 index was up 55.2 points at 5,288.5 in early trade, following Wall Street higher after revised US data showed stronger-than-expected US growth in the second quarter. This came on the back of a 5.34 jump in Chinese stocks on Thursday.
“A strong performance by Chinese stocks set the scene for a significant change in sentiment and price action overnight, shifting the risk environment,” ANZ Research said in a note.
“When we consider how well the dust has settled, and the lack of permanent carnage in key risk indicators, we are encouraged.” Among major Australian stocks, BHP Billiton soared after oil prices jumped more than 10 per cent on the strong US data, with the global miner 4.90 per cent higher at A$25.24.
Rio Tinto also surged and was up 3.26 per cent at A$50.40. Among the banks, Commonwealth was up 0.72 per cent at A$76.98 and Westpac rose 0.98 per cent to A$31.95.