ASX opens higher after Wall Street gains

The Australian share market has jumped at the start of trading after a positive lead from Wall Street.

The benchmark S&P/ASX200 index was up 47.2 points, or 0.71 per cent, to 6,699.2 points at 1030 AEDT on Wednesday, while the broader All Ordinaries was up 45.0 points, or 0.67 per cent, to 6,808.3 points.

Consumer staple shares led gains after the first half hour of trade, advancing 1.38 per cent, as every sector of the ASX moved higher.

Freedom Food climbed 5.04 per cent, Treasury Wine Estates added 3.14 per cent and A2 Milk was up 2.44 per cent.

The big four banks were all higher, with ANZ up 1.01 per cent to $28.11, Commonwealth up 0.66 per cent to $79.83, NAB up 1.23 per cent to $28.80 and Westpac up 0.90 per cent to $29.20.

Bendigo and Adelaide Bank was up 0.67 per cent, Bank of Queensland was up 0.52 per cent, Macquarie Group was up 1.27 per cent and AMP was up 1.34 per cent.

Mining giant BHP was up 0.06 per cent to $36.10, Rio Tinto was up 0.36 per cent to $90.93 and Fortescue Metals was up 0.52 per cent to $8.685.

On Wall Street overnight, the Dow Jones Industrial Average finished up 0.89 per cent, the S&P 500 was up 1.0 per cent and the tech-heavy Nasdaq Composite was up 1.24 per cent.

The International Monetary Fund revised down its 2019 global growth forecast to 3.0 per cent overnight from 3.2 per cent in July, with its World Economic Outlook projecting Australian GDP of 1.7 per cent for the year.

The Aussie dollar is buying 67.52 US cents from 67.76 US cents on Tuesday.

AAP

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