Aussie market soars in morning trade

SYDNEY, Nov. 29 (Xinhua) -- The Australian share market has opened sharply higher on Wednesday, with new records highs on the U.S. index spurring on local investors.

At 10:45 (AEDT) (1145 GMT Tuesday), the benchmark S&P/ASX 200 index lifted 42.40 points or 0.71 percent at 6,026.70, while the broader All Ordinaries index gained 42.10 points or 0.69 percent at 6,108.80.

"The infectious impact of a euphoric break into new high ground on U.S. markets is likely to carry the day," CMC Markets' chief market analyst Ric Spooner told Xinhua.

"Local investors will be weighing the likely impact of this U.S. centric bout of euphoria against a sobering bout of profit taking in most industrial commodities."

But so far this morning, material stocks, financial shares and the property sector are leading the market higher with buyers responding to the "fear of missing out," according to Spooner.

Australia's big banks soared with The Commonwealth Bank up (1.16 percent), Westpac Bank up (1.50 percent), National Australia Bank up (1.07 percent) and ANZ up (1.05 percent).

Mining stocks also surged with BHP up (1.15 percent), Rio Tinto up (1.16 percent), Fortescue Metals up (1.65 percent) and Newcrest Mining up (0.44 percent).

The country's oil and gas producers were mostly higher with Woodside Petroleum up (0.35 percent), Santos up (0.29 percent) and Oil Search down (0.14 percent).

Australia's largest supermarket chains strengthened with Wesfarmers up (0.67 percent) and Woolworths up (0.60 percent).

While telecommunications giant Telstra jumped (0.59 percent), the national carrier Qantas rose (0.53 percent) and biomedical firm CSL also improved (0.26 percent). Enditem