Australian stocks are on a tear

Marc Marquez of Spain and leads Valentino Rossi of Italy during the 2016 MotoGP Test Day at Phillip Island Grand Prix Circuit. Mirco Lazzari gp/Getty Images

The Australian market is ripping higher.

In early trade, the market quickly made up the 0.57% loss of yesterday, broke back through 4900 points on the ASX 200 and started heading to 5000.

At the close, the index was at 4,992.00, up 109.90 points to 2.25%.

Local investors were buoyed by a rise on Wall Street where higher oil prices caused a rally in energy stocks. The S&P 500 closed 1.7% higher.

Markets across Asia were also soaring with Japan’s Nikkei 225 up 2.47% and the Hang Seng in Hong Kong more than 2%.

On the local market, all sectors were rising with the major banks and the big miners adding weight.

BHP was 5.8% higher at $16.91.

The major banks were all up more than 2%. Westpac was 2.3% stronger at $29.85.

Santos added almost 7% to $3.52 and Woodside Petroleum 3.7% to $28.53. Fortescue Metals was up almost 10% to $2.06.

Among the companies reporting their results today, Treasury Wine Estates was up 2% to $8.94 after reporting a 42% rise in statutory net profit to $60.6 million for the six months to December.

Sydney Airport was 2.4% higher at $$6.575 after its full year profit jumped 378.8% to $283 million on the back of increasing tourists from China.

Telstra’s profits fell flat with a 0.4% rise in the half year to $2.093 billion. Its shares were up 0.37% to $$5.39 in a rising market.

AMP shares were up 4.4% to $5.41 after the financial service group posted a 10% rise in profit to $972 million for the full year to December.

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