Australian stocks rip higher on surging iron ore and oil prices

Turkish air force planes in formation over Helles Point, where Allied soldiers fought during the Gallipoli Campaign. Sean Gallup/Getty Images

The Australian market opened sharply higher on the back of a mining and energy stock rally fueled by better commodity prices.

Both oil and iron ore prices jumped in overnight trade, pushing the energy sector up 2.37%. Iron ore was trading at $US54.04 a tonne, up more than 5%, and Brent crude was up 1.3% to $US62.88 a barrel.

The rally pushed all ten sectors higher.

BHP is up 2.587% to $38.16, Rio Tinto 2.2% to $57.54 and pure play iron ore producer Fortescue Metals 2.87% to $2.15.

BC Iron is up another 11% today to $0.445, after a 50% rise yesterday. Mount Gibson is up more than 12% to $0.220.

The banks are also stronger, led by the Commonwealth, up 1% to $91.63.

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