Shares rise after US markets end higher

Shares have gained more than half a per cent early on the ASX after a strong lead from US markets on hopes of economic recovery.

The S&P/ASX200 benchmark index was higher by 38.6 points, or 0.65 per cent, at 5958.9 points after 15 minutes of trade on Thursday.

The All Ordinaries index was 40.2 points, or 0.67 per cent higher, at 6074.5.

The materials sector led the charge, up 1.29 per cent. Telecommunications was also doing well, higher by 1.24 per cent.

Energy was up 0.9 per cent and financials gained 0.53 per cent.

Melburnians have begun the first day back of stay-at-home lockdown for six weeks in a bid to contain a second wave of coronavirus cases in the state.

NSW Premier Gladys Berejiklian is expected to announce greater restrictions on public gatherings to try and prevent any coronavirus spread from Victoria.

In the US overnight, technology shares outweighed concerns from surging coronavirus cases.

The Dow Jones Industrial Average rose 0.68 per cent, the S&P 500 gained 0.78 per cent and the Nasdaq Composite added 1.44 per cent.

The Australian dollar was buying 69.95 US cents at 1015 AEST, higher from 69.34 US cents at the close of trade on Wednesday.

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