Australian stocks have opened higher following a solid night on global equity markets.
IG market strategist Stan Shamu said the local market was taking its lead from Wall Street, which received a boost from positive US consumer confidence and employment data, and Europe where Germany's DAX30 index rose to record highs.
"We're rallying from that optimism from another solid session for US markets along with Europe," he said.
Mr Shamu said a key event for the local market on Thursday would be the release of official private sector capital expenditure figures, which will provide an insight into the outlook for mining investment.
"Mining investment is one of the main issues driving the Australian economy," he said.
"It (the data) is expected to show a drop so any surprises higher could see the market extend its gains."
Among the major banks, Westpac had lifted 24 cents to $33.01, ANZ had gained 11 cents to $32.19, Commonwealth Bank had put on 38 cents to $77.68 while National Australia Bank was up 21 cents at $34.70.
Telstra was two cents higher at 5.10.
Global mining giant BHP was up 14 cents at $37.39 while rival Rio Tinto had gained 64 cents to $64.94.
Iron ore miner Fortescue was up 2.5 cents at $5.67 and gold miner Newcrest was two cents higher at $7.79.
Meanwhile, shares in Specialty Fashion Group were up nine cents, or more than 11 per cent, to 88 cents after it announced it had bought clothing brand Rivers.
* At 1027 AEDT on Thursday, the benchmark S&P/ASX200 index was up 22.5 points, or 0.42 per cent, at 5,355.4.
* The broader All Ordinaries index was up 22.3 points, or also 0.42 per cent, at 5,347.2.
* The December share price index futures contract was 12 points higher at 5,362 with 5,3542 contracts traded.
* National turnover was 333 million securities worth $491 million.