Australian market opens higher following overseas gains

The Australian market opened higher on Wednesday, on the back of positive gains in overseas markets.

At 1010 local time (AEDT), the benchmark S&P/ASX200 index was up 30.8 points, or 0.57 percent, at 5,459.8, while the broader All Ordinaries index was up 30 points, or 0.55 percent, at 5,5516.6.

"The essential story this morning is that we've followed a positive lead from overseas markets. The exception is energy, the energy stocks are down 0.6 percent and reflects a weaker oil price," CMC Markets chief market analyst Ric Spooner told Xinhua.

"And a little of disappointment, I suspect nervousness, from energy investors that the oil market's response to the OPEC production cuts is fairly limited.

"We've got the Australian GDP data due ... markets would have a bit of a wait-and-see' on that."

Mining giant BHP Billiton was up 0.75 percent, while rival Rio Tinto gained 0.78 percent. Gold miner Newcrest edged 0.11 percent higher.

Santos was down 0.68 percent, Oil Search fell 1.01 percent and Woodside Petroleum edged down 0.13 percent.

Banks rose, with ANZ up 0.99 percent and Commonwealth Bank of Australia 1.06 percent higher. The National Australia Bank was up 0.98 percent and Westpac was higher by 1.03 percent.

Qantas slipped 0.31 percent and telecom giant Telstra was 0.41 percent higher. Endit