Australian share market rebounds at open

The Australian share market has rallied at the open.

At 10:02 local time (AEDT) on Wednesday, the S&P ASX/200 index was up 79.3 points, or 1.54 percent, at 5,235.9 points, and the All Ordinaries was up 76.7 points, or 1.46 percent, at 5,315.0 points.

CMC Markets chief market strategist Michael McCarthy said in a note the Australian shares were set to soar.

"The rancor of the U.S. election campaign appeared to evaporate after conciliatory concession and acceptance speeches from the candidates," McCarthy said.

"Markets turned from predicting economic disaster to optimism about potential for economic reform," he said.

In early trade, ANZ was down 2.07 percent, the Commonwealth Bank of Australia declined 1.64 percent, the National Australia Bank lost 1.83 percent and Westpac fell 1.95 percent.

BHP Billiton tumbled 3.18 percent, rival Rio Tinto was 1.93 percent weaker while gold miner Newcrest surged 9.79 percent.

Oil Search sank 4.89 percent, Santos dropped 7.53 percent while Woodside Petroleum shed 2.45 percent.

Wesfarmers was 1.65 percent lower while rival Woolworths retreated 1.39 percent.

Qantas retreated 1.68 percent while telecommunication giant Telstra's declined 1.22 percent at Thursday's early trade. Endit