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Australian stocks surge at Tuesday's opening

Xinhua, July 7, 2015 Adjust font size:

The Australian share market surged at the open, recovering from Monday's mass sell-off.

Uncertainty in Greece saw commodity markets, rather than stocks, suffer much of the selling.

At the official Australian market open on Tuesday, the benchmark S&P/ASX200 index gained 73.9 points, or 1.35 percent, to 5,548.9, while the broader All Ordinaries index rallied 70.5 points, or 1.29 percent, to 5,548.9.

Iron ore prices dropped to a three-month low of 52 U.S. dollars per ton as rising Chinese stockpiles suggested weakening demand and increased supply.

Materials stocks added 1.46 percent. BHP Billiton gained 1.35 percent and Rio Tinto surged 1.82 percent while Fortescue soared 2. 92 percent.

Financials gained 1.40 percent. ANZ lifted 1.12 percent, the Commonwealth Bank grew 1.01 percent, the National Australia Bank climbed 1.25 percent and Westpac was up 2.09 percent.

Energy stocks declined 0.71 percent at the start of trade. Santos plunged 2.71 percent, Woodside Petroleum 0.64 perent and Beach Energy 0.77 percent.

Qantas soared 3.77 percent and Telstra gained 0.98 percent. Endi