The Australian share market is powering ahead as investors pile in following strong gains on Wall Street and major equity markets across Europe.
The benchmark S&P/ASX200 was up 0.85 per cent in the first 30 minutes of trade, led by the heavyweight financial sector, which is the biggest gainer, up 1.28 per cent.
Patersons Securities economist Tony Farnham said the local market, which was closed on Tuesday for the Anzac Day holiday, is "playing catch-up" following strong gains on Wall Street over the past two trading sessions.
The gains in the US overnight were primarily driven by strong company earnings results.
Commonwealth Bank was the biggest riser among the nation's top four banks, up 1.26 per cent, with National Australia Bank, ANZ and Westpac, ANZ up between 0.93 and 1.2 per cent.
Investors are piling into local bank stocks following market support for financial stocks in the US and Europe overnight, and as investors await earnings results from three of the big four Australian banks, Mr Farnham said.
Mining giant Rio Tinto and Rio Tinto also found support among investors, despite the former cutting its annual production guidance following industrial action at its Escondida mine in northern Chile.
BHP rallied 18 US cents in the US overnight, Mr Farnham said, following a production update that did not contain "too many surprises".
A2 Milk shares surged more than six per cent after the milk producer forecast a 49 per cent jump in annual revenue, thanks to better-than-expected infant formula sales in the third quarter ended March 31.
In the US, the Nasdaq Composite hit a record high overnight, while the Dow Jones Industrial Average and S&P 500 brushed against recent peaks on the back of strong company earnings results.
Nasdaq closed 0.7 per cent higher, while the Dow and S&P 500 and gained 1.1 and 0.6 per cent respectively.
ON THE ASX AT 1030 AEST:
* The benchmark S&P/ASX200 was up 50 points, or 0.85 per cent, to 5,921.8 points.
* The broader All Ordinaries index was up 46.5 points, or 0.79 per cent, to 5,947.2 points.
* The June SPI200 futures contract was up 34 points, or 0.58 per cent, at 5,908 points.
* National turnover was 781 million securities traded worth $1.48 billion.
CURRENCY UPDATE
The Australian dollar is weaker against the US dollar following a surprise move by US President Donald Trump to slap tariffs on Canadian lumber entering the US.
Westpac senior market strategist Imre Speizer said the move has investors concerned about the next possible target.
The local currency was trading at * 75.42 US cents at 1030 AEST, down from 75.69 on Tuesday
(*Currency closes taken at 1700 AEST previous local session)
