The Australian sharemarket opened more than half a per cent higher following a strong performance on Wall Street where the Dow Jones Industrial Average bolted to a fresh high.
At the 10.15am (AEST) official market open the benchmark S&P/ASX200 index rose 30.2 points, or 0.55%, to 5,549.1 points, while the broader All Ordinaries index gained 29.7 points, or 0.54%, to 5,534.2 points.
CommSec market analyst Juliana Roadley said the gains on Wall Street and a lift in gold and oil prices had helped lift local stocks.
"We had the gold price ticking higher for the first time this week and you had the oil price back above $US101 a barrel," she said.
"That has added joy to miners and energy players today."