SYDNEY, Sept. 12 (Xinhua) -- The Australian market opened higher on Tuesday, with material stocks regaining some of the losses seen Monday.
At 11:15 (AEST), the benchmark S&P ASX/200 index was up 30.20 points or 0.53 percent at 5,743.30, while the broader All ordinaries index gained 27.60 points or 0.48 percent at 5,802.70.
"The key driver is that there is considerable relief on a lot of fronts," CMC chief market analyst Ric Spooner told Xinhua.
"Hurricane Irme was not as bad as the market had first feared and as a result we saw a rebound in U.S. markets and that has flowed through to Australia."
For the second day, the banks have been among the strongest performers on the index, and on Tuesday the mining sector has also rallied after the heavy losses inflicted Monday.
Energy shares, however, were lower in morning trade.
The Commonwealth Bank rose 1.12 percent, Westpac Bank gained 1.17 percent, ANZ lifted 1.09 percent and National Australia Bank added 1.05 percent.
BHP was boosted 1.31 percent, Rio Tinto rallied 1.64 percent, Fortescue Metals also shot up 1.64 percent and Newcrest Mining soared 1.77 percent.
Woodside Petroleum sank 1.01 percent, Santos dived 1.77 percent and Oil Search slumped 1.39 percent.
Wesfarmers edged lower at 0.14 percent and Woolworths dropped 0.60 percent.
Telstra dipped 0.13 percent, Qantas slid 0.18 percent and CSL lost 0.60 percent.
