Australian stocks surge

Paul Morris drives a Stadium Super Truck at the V8 Supercars preview at Sydney Olympic Park Sports Centre. Brendon Thorne/Getty Images

Australian stocks gained pace in afternoon trade.

The market clawed back Monday’s 0.94% fall as investors followed the lead of Wall Street where the S&P 500 added 1.5%.

A short time ago, the ASX 200 was at 5,088.80, up 84.98 points or 1.70%.

All ten local sectors gained ground. Energy stocks were up 2% as a group. Santos strengthened 3.75% to $4.285.

The major banks were higher, led by the Commonwealth, up by 2.2% to $76.49.

Worley Parsons, a resources industry service company, was up almost 6% to $5.88 after appointing a new finance chief, former Transurban executive Tom Honan.

Qantas gained 5% to $3.73 after Standard and Poor’s returned the airline to an investment-grade rating.

A2 Milk upped its full year profit guidance on strong sales of its infant formula. Its shares were up 5.6% to $0.887.

Ainsworth Game Technology shares fell 7.5% to $2.865 after it announced a deal to buy Nova Technologies, a private US-based pokie machine builder.

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