The Australian market opened higher on the back of a global rally.
Global stocks surged for the third day following the end of the brexit contagion. In London, the FTSE gained 2.3% and on Wall Street the S&P 500 closed 1.4% higher.
The local market was nearing the point of making up for all the losses since the UK voted last week to leave the European Union.
A short time ago, the ASX 200 was at 5,254.30, up 20.93 points or 0.40%. This is just 0.4% off last Thursday’s close. The index was down 3.3% on Tuesday compared to before the B rexit vote.
The big miners were leading the market higher with BHP up 2.8% to $19.175.
The major banks, however, were mostly weaker. Westpac was down 0.3% to $29.310 while the ANZ was flat at $24.140, up just 0.03%.