Australian stocks surge

Protesters gather against the EU referendum result in Trafalgar Square in London. Christopher Furlong/Getty Images

Australian stocks took off in early trade as global markets rallied and bargain hunters moved in after a hammering from the UK’s vote to leave the European Union.

Wall Street surged overnight with the S&P 500 closing 1.8% higher.

A short time ago, the ASX 200 was at 5,153.10, up 49.83 points or 0.98%.

The major banks and the big miners led the charge.

Westpac was up 2% to $29.09 and BHP 2.4% to $18.46.

Resources stocks rallied on a rise in oil prices. Santos was 2.4% higher at $4.65 and Woodside Petroleum 1.3% at $26.13.

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