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.