Local stocks are enjoying solid gains in early trade on the back of a positive lead from overseas markets. European share markets rallied on news Ireland would work with the European Union and International Monetary Fund to support its banking sector, while US markets were also boosted by strong economic data.

Mining stocks are enjoying the best gains in response to firmer metals trade. Shares in BHP Billiton (BHP) have added 0.8pct in early trade to $44.17 while Rio Tinto (RIO) is up 1.4pct to $85.57.

Financial stocks are mixed with the ANZ (ANZ) the best out of the big four, firmer by 0.6pct to $22.71.

Telstra (TLS) has today held its Annual General Meeting, telling shareholders it remains committed to paying out a 28c dividend this financial year. TLS also reiterated its FY guidance despite predicting a fall in profits for the 1H. TLS shares are up 3.1pct to $2.64 in early trade.

AWB Limited (AWB) will be delisted from the ASX this afternoon in response to its takeover from Agrium. AWB shares are down 0.6pct to $1.495.

MAP Group (MAP) has risen 2.3pct to $3.08 after reporting a rise in traffic at its airports throughout October.

The Australian dollar is worth US98.97c, £0.6169 and €72.54c.