Tracking cues from Wall Street, where stocks rallied sharply overnight on the back of a pickup in U.S. manufacturing activity, the Australian stock market is trading firm on Thursday with investors picking up stocks from across various sectors.
Energy, mining, financial and consumer discretionary stocks are mostly up with notable gains. Property trusts and industrial stocks are also trading firm.
The benchmark S&P/ASX 200 index, which rose to 4,552.7 following a buoyant start, is currently up 45.3 points or 1% at 4,541. The broader All Ordinaries index is up 45.2 points or 1% at 4,572.
On Wednesday, the S&P/ASX 200 index ended up 91.5 points or 2.1% at 4,495.7, while the All Ordinaries index closed at 4,526.8, recording a gain of 88 points or 2%.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac are up 1%-1.5%. Bank of Queensland is up 1.2% and Bendigo & Adelaide Bank is trading higher by 1.8%, while Macquarie Group shares are up nearly a percent.
Among top miners, BHP Billiton and Rio Tinto are up 1.2% and 1.8% respectively. Fortescue Metals is gaining about 0.3%, while Newcrest Mining is trading lower by 1.2%.
Orica is trading 2.4% up, while Onesteel, Incitec Pivot and Bluescope Steel are up marginally.
In the energy space, Woodside Petroleum and Oil Search are trading notably higher, while Origin Energy and Santos are down with marginal losses.
Among insurance stocks, Suncorp-Metway and QBE Insurance are trading notably higher, while Insurance Australia is down with a marginal loss.
In the currency market, the Australian dollar opened notably higher on the back of encouraging economic data from U.S., China and Australia. In early trades, the Aussie was quoting at US$0.9111-US$0.9115, up from Wednesday's close of US$0.9010-US$0.9012. The Australian dollar is currently trading at 0.9083 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Japan, New Zealand and South Korea are up with notable gains. Malaysia and Singapore are also trading firm. Markets across the region ended with notable gains on Wednesday.
On Wall Street, stocks saw substantial gains on Wednesday, as data showing a pickup in manufacturing activity in both the U.S. and China recharged some hopes of a continued economic recovery. The rally was further fueled by a better than expected reading on resource-linked Australian GDP.
The major averages ended near their best levels of the day. The Dow shot up by 254.8 points or 2.5% to 10,269.5, the Nasdaq surged by 62.8 points or 3% to 2,176.8 and the S&P 500 advanced by 31 points or 3% to 1,080.3.
Major European markets ended sharply higher on Wednesday. The French CAC 40 index ended up 3.8%, while the German DAX index and the U.K.'s FTSE 100 index both jumped by 2.7%.
Crude oil prices sailed higher on Wednesday as improvement in the U.S. manufacturing industry eased some fears about the strength of the global recovery. Light, sweet crude for October delivery rose US$1.99 or 2.8% to close at US$73.91 a barrel on the New York Mercantile Exchange.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.