Australian shares are expected to extend gains on Wednesday amid hopes of limited disruption from the Omicron coronavirus variant, with sharp rises in the price of iron ore and oil expected to boost commodity stocks.

The local share price index futures added 0.3%, a 39.1-point premium to the underlying S&P/ASX 200 index close.

The benchmark rose 0.95% on Tuesday.Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.76% in early trade.