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Australian shares open higher

Xinhua, June 30, 2016 Adjust font size:

The Australian share market opened higher on Thursday.

At 10:10 a.m. local time (AEST), the benchmark S&P/ASX200 index was up 61.70 points, or 1.20 percent, at 5,20.1, while the broader All Ordinaries index was up 61.29 points, or 1.17 percent, at 5,282.3.

IG market analyst Angus Nicholson said in a note on Thursday that Asia was set to follow U.S. and European markets higher with financials and energy set to see strong gains in most markets.

"The EIA weekly crude oil inventories declined by 4.1 million barrels, which helped rally the WTI oil price by 3.5 percent," Nicholson said.

"But the overnight drop in the U.S. dollar helped the whole commodities complex with gold, silver, copper, iron ore, aluminium, and platinum all ending the session higher."

He noted that this boded well for the materials space in the ASX today.

At the open, ANZ was up 1.6 percent, the Commonwealth Bank of Australia gained 1 percent, the National Australia Bank was up 1.7 percent, and Westpac rose 0.9 percent.

Rio Tinto opened 2.3 percent higher, while BHP Billiton was up 2.2 percent. Endit