Australian stocks are on a tear

Australia’s Grace Stewart celebrates scoring a goal during the FIH Women’s Hockey Champions Trophy match between Australia and New Zealand in London. Alex Morton/Getty Images

Australian stocks took off in early trade.

The ASX 200 bounced back above 5200 points.

A short time ago, the index was at 5,230.70, up 68.04 points or 1.32%.

Fear of the consequences of a possible Brexit eased over the weekend after polls showed UK voters wanting to stay in the European Union. The result of this week’s referendum won’t be known until Friday Australia time.

The Australian dollar was also higher on a lesser chance that the UK will vote to leave the European Union. A short time ago, the dollar was trading at 0.744 US cents.

On the ASX, the major banks and the big miners were leading the market.

The ANZ had added 2.2% to $23.75 and BHP was more than 3% higher at $18.65.

Energy stocks rallied after a rebound in oil prices. Woodside Petroleum added 4.7% to $27.16 and Santos added 5.9% to $4.54.

Chris Weston, chief market strategist at IG, says the remain camp polled well in a weekend Survation poll for the Sunday Mail in the UK.

“The odds of the UK leaving the EU have fallen below 30% again, but there are at least five more polls to go,” he says.

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