The Australian share market has opened higher with investors confident the US central bank will continue its economic stimulus program following weaker-than-expected jobs figures.
The Australian bourse on Wednesday followed the lead of US markets, which lifted despite disappointing nonfarm payroll figures.
The US data - showing that 148,000 jobs were added to the economy in September, well below the 180,000 expected - led analysts to conclude that the Federal Reserve would delay easing its $US85 billion-a-month bond buying program until early next year.
IG market strategist Stan Shamu said the Australian market was responding to the jobs data.
"We're really now at that stage where the market is very stimulus-dependent. This (jobs) number suggests they (the US Federal Reserve) probably won't start tapering (easing economic stimulus) this year," Mr Shamu said.
"That's more than enough to see the market extend this little rally."
The major miners, gold stocks and big banks led the local bourse higher.
In the resources sector at 1024 AEDT, global miner BHP Billiton was 50 cents higher at $37.55, and Rio Tinto was up 72 cents to $64.69.
Gold miner Newcrest was 63 cents, or 5.88 per cent, higher at $11.34.
Among the major banks, Westpac found four cents at $34.15, ANZ advanced eight cents to $32.31, Commonwealth Bank was 17 cents richer at $74.93, and National Australia Bank gained l4 cents at $36.21.
On US markets on Tuesday, the Dow Jones Industrial Average gained 75.46 points, or 0.49 per cent, to 15,467.66 points.
- At 1029 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 22.4 points, or 0.42 per cent, at 5,395.5 points.
- The broader All Ordinaries index was up 22.4 points, or 0.42 per cent, at 5,393.6 points.
- The December share price index futures contract was 29 points higher at 5,385 points, with 5,846 contracts traded.
- National turnover was 371.6 million securities worth $563.8 million.