Aussie stocks rally on OPEC deal

OPEC's deal to cut oil production to 32.5 million barrels per day lifted Aussie stock in early Thursday trade driven by rises in energy.

At the open, the benchmark S&P/ASX 200 index was up 27.4 points or 0.50 percent at 5467.9 points, while the broader All Ordinaries index was up 27.3 points or 0.50 percent at 5,529.7 percent.

Consensus was for a loose OPEC agreement that would have kept oil supported, but left the market asking more questions, instead there was "real meat on the bone", and not just on a production cut from "the more tricky OPEC members," IG chief market strategist Chris Weston said in a note.

"It seems Russia was so enthused by what they heard that they have increased their own production cut levels from 200,000 to 250,000 - 300,000 a day through the first half in 2017," Weston said.

"Most oil strategists had merely expected a freeze here."

Australia's materials sector is also rallying after key commodities again rose overnight.

In early trade Oil Search had bounced 8.22 percent, Santos surged 11.20 percent and Woodside Petroleum was 6.01 percent stronger.

BHP Billiton added 4.38 percent, rival Rio Tinto gained 2.34 percent but gold miner Newcrest had lost 1.33 percent.

ANZ edged 0.04 percent higher, the Commonwealth Bank of Australia was up 0.17 percent, the National Australian Bank added 0.41 percent and Westpac was 0.86 percent higher.

Wesfarmers had lifted 0.45 percent, however rival Woolworths slipped 0.17 percent.

Qantas shed 1.52 percent while telecom giant Telstra was flat. Endit