At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 70.80 points or 1.08 percent at 6,632.40, while the broader All Ordinaries index was up 72.90 points or 1.08 percent at 6,844.90.
Vaccine optimism was once again boosting equities with particularly COVID-sensitive energy shares the most improved in early trade.
Financials and healthcare were also lending strong support, while all other sectors were trending higher.
Goldminers tempered gains in the materials sector following pressure on the safe haven resource, with the commodity price plummeting overnight.
In the financial space, the big banks surged with Commonwealth Bank up (1.42 percent), Westpac Bank up (2.66 percent), ANZ up (2.60 percent) and National Australia Bank up (2.16 percent).
Mining stocks were mostly higher with Rio Tinto up (2.05 percent), BHP up (2.86 percent) and Fortescue Metals up (2.16 percent), however goldminer Newcrest was down (4.94 percent)
The country’s oil and gas producers surged with Oil Search up (2.56 percent), Santos up (2.04 percent) and Woodside Petroleum up (2.46 percent).
Australia’s largest supermarkets lifted with Coles up (0.56 percent), and Woolworths up (0.77 percent).
Meanwhile telecommunications giant Telstra rallied (0.49 percent), the national carrier Qantas took off (3.64 percent) and biomedical firm CSL lifted (0.61 percent).
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