Australian stocks take off

The Wallabies warm up for the rugby world cup at the University of Bath. Dan Mullan/Getty Images

Australian stocks surged higher in early trade.

For the second day in a row, local investors followed Wall Street where the S&P 500 closed 0.9% higher overnight.

All 10 sectors were higher, with energy stocks leading the pack, buoyed by a 6% rise in the price of oil.

Woodside Petroleum was up more than 2% to $29.73 and Santos 4.6% to $5.13.

BHP added more than 3% to $24.75.

Again, the major banks were all stronger, led by Westpac, up 1.6% to $31.59.

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