Australian stocks are surging

Matt Giteau of Australia at a training session in London. Dan Mullan/Getty Images

Australian stocks jumped in early trade, heading for the fifth positive session in a row.

Local investors followed Wall Street where the S&P 500 closed up by 0.9%.

The major banks, the big miners and energy stocks led the market with all ten local sectors in the green.

Santos was more than 7% stronger at $5.89, BHP was up 2.5% to $25.64 and the ANZ 1.7% to $28.43.

So far, the market is up about 4.5% this week.

The energy sector is the top performer, rising 12% for the best weekly gain since since February 2012.

Evan Lucas, IG market strategist, says the ASX is net positive by about $44 billion over the past two weeks.

“Today should see several mini-records being broken and see risk assets recording its best Monday through Friday rally in over 18 months,” he says.

Lucas says the material sector has added 7.8% since Monday, its best weekly gain in 2015 and biggest weekly move since 2013.

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