Australian stocks up 1.3pc in early trade
SYDNEY: Australian stocks jumped 1.3 percent in early trade on Friday after strong rallies in Europe and the United States overnight, but against a background of extreme volatility.
At 10:15 am (0015 GMT), the benchmark S&P/ASX 200 was 52.2 points higher at 4,193.0 on the back of the Dow Jones Industrial Average posting a 3.94 percent gain.
The early gains were not as strong as the Dow after the Australian market largely outperformed other Asian bourses on Thursday, closing flat while most others fell, analysts said.
"All US sectors finished firmly in the black so we're calling gains to be relatively broad-based here," said IG Markets analyst Ben Potter.
"It will be interesting to see if any selling creeps into the market ahead of the weekend given the high levels of uncertainty that remain."
The Australian dollar was trading at 103.20 US cents early on, after closing at 102.87 on Thursday.
Copyright AFP (Agence France-Presse), 2011
Copyright APP (Associated Press of Pakistan), 2011
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