Australia shares likely to open higher, NZ rises

Australian shares are poised to open higher, tracking a buoyant sentiment on Wall Street overnight, with materials sector stocks likely to extend gains on soaring commodities prices.

The local share price futures index rose 0.2%, a 50-point discount to the underlying S&P/ASX 200 index close.

The benchmark was up 0.2% at 7,503 points at the close of trade, gaining for the second consecutive day on Tuesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.7% to 13164.5 points in early trade.