Energy, mining stocks lead Aussie market higher

The Australian share market opened strong following steady trade on the Wall Street and gains in commodity prices.

At the 1015am (AEDT) official market open, the benchmark S&P/ASX200 index was up 52.2 points, or 1.02 percent, at 5,142.2, while the broader All Ordinaries index was up 52.6 points, or 1.02 percent, at 5,203.7.

Fixed asset investment is forecasted to ramp up, and manufacturing output also needs to ramp up -- industrial metal positive and crude positive, said IG market strategist Evan Lucas in a note Monday.

"The moves in the energy space has been astounding with oil naturally migrating to our Q2 target of 35 U.S. dollars a barrel," Lucas said.

"Iron ore is currently going through its normal yearly re-stocking process, seeing it move through 50 U.S dollars a tonne."

Mining and energy stocks are leading the charge, with Fortescue up 11 percent.

At the open, ANZ added 0.84 percent, the Commonwealth Bank of Australia was up 0.4 percent, the National Australia Bank lifted 2.03 percent while Westpac edged 0.63 percent higher.

BHP Billiton rallied 5.21 percent while rival Rio Tinto gained 2.72 percent.

Woodside Petroleum gained 2.33 percent. Endit