Australian stocks rally

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Australian stocks rallied in early trade.

Local investors followed Wall Street where the S&P 500 closed up 1.5% overnight.

All 10 sectors were in the green with the banks gaining ground.

The NAB was up 1.9% to $32.12 and Santos gained 3.7% to $5.54. The big mining stocks, BHP and Rio Tinto, were flat.

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