Share market one per cent higher in opening trade

THE Australian share market has started on a strong note following positive cues from Wall Street, with gains across the board.

NEW YORK, NY - DECEMBER 21: Traders work on the floor of the New York Stock Exchange (NYSE) on December 21, 2015 in New York City. The Dow Jones industrial average was up over 100 points in morning trading following Friday's huge drop as the price of oil continued its yearly fall. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian share market has started on a strong note following positive cues from Wall Street, with gains across the board.

The benchmark share index was trading nearly one per cent higher early on Tuesday, led by gains in banking and energy stocks.

“We are seeing a holding pattern at the moment. There has been ongoing support for banks and yield stocks as well as the energy sector,” CMC Markets chief market analyst Ric Spooner said.

Earlier, US stocks ended a two-day losing streak, with the Dow Jones Industrial Average ending 123 points higher, helped by gains in tech stocks.

That translated into a firm start in the local market, with investors ignoring a continued slump in oil prices.

Energy stocks were among the best performers, with Woodside, Santos, Oil Search and APA Group all trading nearly two per cent higher.

Shares in the big banks were also trading positive, with Commonwealth Bank up 44 cents at $82.36, Westpac up four cents at $32.30, NAB gaining 21 cents to $29,03, and ANZ shares climbing 10 cents to $26.89.

Among the big miners, BHP Billiton, Rio Tinto and Fortescue were all trading lower, despite iron ore prices edging above $40 a tonne, and copper prices hitting a five-week peak.

KEY FACTS:

* At 1032 AEDT on Tuesday, the benchmark S&P/ASX200 index was up 32.8 points, or 0.64 per cent, at 5,141.8.

* The broader All Ordinaries index was up 33.8 points, or 0.66 per cent, at 5,191.6.

* On the ASX, the March share price index was up 24 points at 5,093 with 7,345 contracts traded.

* National Turnover was 374.1 million securities traded worth $537.6 million at 1042 AEDT.