SYDNEY, May 22 (Xinhua) -- The Australian market opened higher on Monday with a lift in commodity prices and in particular iron ore which jumped 1.8 percent, buoying the mining stocks.
At 1036 local time AEST, the main S&P/ASX200 index was up 32.00 points, or 0.56 percent, to sit at 5,759.40 points, while the broader scoped All Ordinaries index was also up 33.70 points, or 0.58 percent, to 5,802.60 points.
Chief market strategist at CMC Markets Michael McCarthy told Xinhua on Monday that the Australian market is off to a "flying start."
"Obviously support for shares in the United States, and gains in commodity prices have supported the local market," McCarthy said.
"Best performing sectors are the energy and materials sectors, underpinning that idea that it is commodity gains that are driving the market this morning."
Nearly every sector in the market is performing well to start trade on Monday, according to McCarthy, who also said that the "negativity" from last week seems to have "evaporated."
The banking sector started strong, with the Commonwealth Bank of Australia up 1.26 percent, Westpac up 0.88 percent, the ANZ down 0.02 percent, while the National Australia Bank was up 0.66 percent.
In mining, BHP was up1.57 percent, Fortescue surged 3.53 percent higher, Newcrest also rose 1.10 percent, while Rio Tinto gained a solid 2.29 percent in value.
The oil and gas majors also made gains, with Woodside Petroleum up 0.85 percent, Santos lifting 1.28 percent, while Oil Search gaining 1.38 percent.
Grocery giant Woolworths was firm this morning, up 0.27 percent, while rivals Wesfarmers struggled at the open, down 0.07 percent.
Telco giant Telstra lifted slightly, up 0.23 percent, while airline Qantas gained 0.41 percent, despite a scare on one of their Melbourne-bound flights on Monday morning.
At 1040 local time AEST, one Australian dollar is buying 74.45 U.S. cents.
