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Aussie stocks higher in early trade amid positive Wall Street sentiment

Xinhua, August 8, 2016 Adjust font size:

Aussie stocks rallied at Monday's open following positive Wall Street sentiment and rises in key industrial commodities in the offshore session.

In early Monday trade, the benchmark S&P/ASX200 index was up 39.9 points, or 0.73 percent, at 5,537.3, while the broader All Ordinaries index was up 37.6 points, or 0.67 percent, at 5,623.2.

Risk appetite is remaining fairly robust after markets digested central bank moves last week, with the strong lead from Friday's session on Wall Street following better than expected U.S. non-farm payrolls, IG chief market strategist Chris Weston said in a note.

Australian financials and materials space are supporting the index in early trade on Monday. However, the party may come to an end as traders eye key earnings reports.

"With full-year earnings front and centre this week, investors will be paying somewhat less of a focus on global developments and putting more empathises on the investment landscape for Australian corporates," Weston said.

Commonwealth Bank of Australia's announcement will be closely watched by market participants, looking to gain an incite into CBA chief Ian Narev's views on economics, future funding patterns as well as housing and credit demand.

"The commentary could have far reaching implications for the broader market given traders really want to hear how the economy is tracking from one of the key players," Weston said.

In early trade, ANZ was up 1.58 percent, the Commonwealth Bank of Australia added 1.20 percent, the National Australia Bank lifted 1.55 percent and Westpac was 1.39 percent stronger.

BHP Billiton gained 0.57 percent, however rival Rio Tinto slipped 0.06 percent, while gold miner Newcrest slumped 4.83 percent.

Oil Search rose 0.41 percent, Woodside Petroleum added 0.52 percent, but Santos dropped 0.86 percent.

Wesfarmers was up 0.50 percent while Woolworths climbed 0.64 percent.

Qantas bounced 0.96 percent while telecom giant Telstra was flat in early trade. Endit