The Australian share market has continued its strong run in early trade, as a sharp jump in oil and commodities prices overnight helped support a global markets rally.
The benchmark S&P/ASX 200 index was up more than 0.5 per cent, with traders keenly awaiting a close above the crucial technical level of 5,400 points level - its highest level since August last year.
"We have seen strong moves overnight in the commodities space on expectation of more fiscal stimulus in the UK and Japan. There has also been a resurgence in financial stocks worldwide," IG's market analyst Angus Nicholson said.
Overnight, a broad rally lifted Wall Street to record highs, backed by the view that the US economy, despite a slow start to the year, is on solid footing.
The Dow Jones industrial average rose 0.66 per cent, while the S&P 500 gained 0.7 per cent, both rising to record highs.
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Benchmark crude oil prices surged five per cent before dropping back, while increased risk appetite among investors sparked a broad-based rally in industrial metals on the London Metal Exchange, also helping iron ore jump nearly 3.5 per cent.
In the local market, the gains were broad-based.
Mining shares led the gains, with BHP Biliton and Rio Tinto up about two per cent each, and rival Fortescue Metals up nearly five per cent to $4.36. Coal miner Whitehaven continued its strong run this month, up 3.5 per cent to $1.56 on Wednesday.
Among energy shares, Origin Energy, Santos and Oil Search were up between two to three per cent each.
Bank shares also gained, with ANZ, Westpac, Commonwealth Bank and NAB all trading more than one per cent higher.
KEY FACTS:
* At 1044 AEST, the benchmark S&P/ASX 200 index was up 34.5 points, or 0.64 per cent, at 5,387.7 points.
* The broader All Ordinaries index was up 34.2 points, or 0.63 per cent, at 5,467.4 points.
* The September share price index futures contract was up 34 points at 5,347 points, with 9,830 contracts traded.
* National turnover was 880.8 million securities traded, worth $914.1 million.
