SYDNEY, March 12 (Xinhua) -- The Australian share market opened sharply higher on Tuesday with most sectors posting solid gains and the miners and energy doing particularly well.
At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 39.10 points or 0.63 percent at 6,219.30, while the broader All Ordinaries index was up 39.10 points or 0.62 percent at 6,302.40.
"Better than forecast German trade data and a surge in U.S. January retail sales saw global investors continue the surge that originated in China yesterday -- the optimism flowed into oil and steel markets," CMC Markets' chief market strategist Michael McCarthy said.
Locally, all sectors were trending upwards with energy and materials lending particular support and communications services lagging behind.
In the financial space, Australia's big banks were mostly higher with the Commonwealth Bank up (0.67 percent), National Australia Bank up (0.28 percent) and Westpac Bank up (0.33 percent), however ANZ was down (0.11 percent). Mining stocks were also mostly higher with BHP up (1.33 percent), Rio Tinto up (1.21 percent) and Fortescue Metals up (2.21 percent), however goldminer Newcrest was down (1.61 percent).
The country's oil and gas producers rallied with Oil Search up (1.01 percent), Santos up (1.77 percent), and Woodside Petroleum up (1.31 percent).
Australia's largest supermarket lifted with Coles up (0.62 percent), and Woolworths up (0.22 percent).
Meanwhile telecommunications giant Telstra edged higher (0.15 percent), the national carrier Qantas took off (0.88 percent) and biomedical firm CSL bounced (0.49 percent).
At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 39.10 points or 0.63 percent at 6,219.30, while the broader All Ordinaries index was up 39.10 points or 0.62 percent at 6,302.40.
"Better than forecast German trade data and a surge in U.S. January retail sales saw global investors continue the surge that originated in China yesterday -- the optimism flowed into oil and steel markets," CMC Markets' chief market strategist Michael McCarthy said.
Locally, all sectors were trending upwards with energy and materials lending particular support and communications services lagging behind.
In the financial space, Australia's big banks were mostly higher with the Commonwealth Bank up (0.67 percent), National Australia Bank up (0.28 percent) and Westpac Bank up (0.33 percent), however ANZ was down (0.11 percent). Mining stocks were also mostly higher with BHP up (1.33 percent), Rio Tinto up (1.21 percent) and Fortescue Metals up (2.21 percent), however goldminer Newcrest was down (1.61 percent).
The country's oil and gas producers rallied with Oil Search up (1.01 percent), Santos up (1.77 percent), and Woodside Petroleum up (1.31 percent).
Australia's largest supermarket lifted with Coles up (0.62 percent), and Woolworths up (0.22 percent).
Meanwhile telecommunications giant Telstra edged higher (0.15 percent), the national carrier Qantas took off (0.88 percent) and biomedical firm CSL bounced (0.49 percent).
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