Australian shares have shrugged off a pullback to open higher again despite global markets reacting negatively overnight to news of a potential epidemic.
The benchmark S&P/ASX200 index opened up 21.7 points, or 0.31 per cent, at 7088 at 1015 AEDT.
The broader All Ordinaries index rose 21 points, or 0.29 per cent, to 7201.5.
IG market analyst Kyle Rodda said the market could bounce back after local losses on Tuesday from stocks sensitive to a possible coronavirus epidemic.
“Travel and tourism-sensitive firms took a belting, as they did across global markets yesterday, as market participants bet that the virus outbreak would weigh on global travel and consumption,” he said in a note.
The Australian share market on Tuesday ended a five-day record-breaking streak with the S&P/ASX200 index down 13.2 points, or 0.19 per cent, at 7,066.3.
The All Ordinaries index dropped 15.8 points, or 0.22 per cent, to 7,180.5 in quiet trade.
Overnight, US markets pulled back slightly after a Monday public holiday.
The Australian dollar was buying 68.44 cents at 1015 AEDT on Wednesday.
AAP
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