At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 40.50 points or 0.60 percent at 6,803.10, while the broader All Ordinaries index was up 44.60 points or 0.63 percent at 7,072.10.
Most sectors were trending higher, led by energy and real estate which both recorded an over 2 percent jump, while materials was the only sector losing ground, recording a 0.57 percent drop.
"It seems nothing can stop the advancing share market. Stretched valuations, rising COVID-19 infections and tumbling iron ore prices had no impact of share markets overnight, with European and U.S. indices posting further solid gains," CMC Markets chief market strategist Michael McCarthy said.
In the financial space, Australia's big banks soared with the Commonwealth Bank up (1.59 percent), ANZ up (1.52 percent), National Australia Bank up (2.23 percent) and Westpac Bank up (1.68 percent).
Mining stocks mixed with Rio Tinto down (1.26 percent), BHP down (2.44 percent), Fortescue Metals down (0.93 percent), however goldminer Newcrest was up (0.35 percent)
The country's oil and gas producers surged with Oil Search up (2.02 percent) and Santos up (1.49 percent), Woodside Petroleum up (1.60 percent).
Australia's largest supermarkets were edged higher with Coles up (0.25 percent), and Woolworths up (0.24 percent).
Meanwhile, telecommunications giant Telstra lifted (0.79 percent), the national carrier Qantas rallied (2.14 percent) and biomedical firm CSL jumped(1.42 percent).
Latest comments