THE share market opened higher today, after encouraging economic data from China and the US gave a strong lift to US markets.
At 10.10am (AEST), the benchmark S&P/ASX200 index was up 71.4 points, or 1.61 per cent, at 4506.7 points, while the broader All Ordinaries index had lifted 69.3 points, or 1.56 per cent, to 4517.7 points.
On the Sydney Futures Exchange, the June share price index futures contract was 68 points higher at 4509 points, with 12,692 contracts traded.
Major mining stocks rose despite Prime Minister Kevin Rudd hosing down speculation that a compromise on the resources super profits tax is imminent.
Global miner BHP Billiton surged 88c to $38.50, and Rio Tinto strengthened $1.42 to $69.29.
Oil stocks were higher as oil prices rose in New York for the third day in a row, on the back of strong Chinese exports figures.
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Woodside Petroleum was up $1.02, or 2.2 per cent, at $44.93, and Santos climbed 34c, by 2.7 per cent, to $13.43.
IG Markets said the focus ontoday would be on more economic data from China, including fixed asset investment, industrial production and CPI figures.
On Wall Street overnight, stocks rose after positive economic news raised hopes for the global recovery. Higher exports from China and lower jobless claims in the US helped relieve nervousness about the global economic recovery.
The Dow Jones Industrial Average index was 273.28 points higher, by 2.76 per cent, at 10,172.53 points.
The broader S&P 500 index was up 31.15 points, or 2.95 per cent, at 1086.84 points, and the technology-rich Nasdaq index rose 59.86 points, or 2.77 per cent, to 2218.71.
IG Markets research analyst Ben Potter said the local market was strong across the board in early trading.
"All the action's in the risk sectors: materials and energy jumping strongly," Mr Potter said.
Mr Potter said reports overnight that there may be a compromise on the resources super profits tax had boosted BHP Billiton and Rio Tinto on the UK market.
"He (Mr Rudd) has come out this morning and said he is not close to announcing changes (to the proposed tax), but people are still speculating that there are going to be changes, maybe not in the next couple of days, but there will have to be changes.
"And there's also very strong economic data out of China, Japan and also here (Australia) showing that the European situation is not really affecting growth that much at the moment.
"So I think it really improved the risk appetite."
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