SYDNEY, AAP – Shares have rallied on the ASX and recouped some of their Omicron-inspired losses after US markets partly recovered.

The Australian market was higher by more than one per cent on Tuesday and the biggest increases were in financial shares followed by consumer discretionaries and technology. The three categories gained more than one per cent each.

Travel shares hammered in the past couple of trading days were part of the recovery. Corporate Travel Management, Flight Centre and Webjet each gained about five per cent.

Global markets have improved after US President Joe Biden ruled out lockdowns to stop the spread of Omicron and said contingency plans were in place with drugmakers.

Yet more nations have limited visitors until more is known about the latest strain. Australia has delayed reopening to international students and visa holders from Wednesday until December 15.

On the Aussie market, the benchmark S&P/ASX200 index was up 80.6 points, or 1.11 per cent to 7320.4 points at 1200 AEDT.

The All Ordinaries was higher by 83.7 points, or 1.10 per cent, to 7646.2 points.

The Australian Securities and Investments Commission has hit Westpac with six civil penalty proceedings in the Federal Court, which could draw a combined penalty of more than $100 million.

The actions follow separate ASIC investigations conducted in 2021, resulting in allegations of widespread compliance failures across Westpac businesses.

Investors were not worried and raised shares by one per cent to $21.13.

ANZ was best of the big banks. Its stock was higher by 2.74 per cent to $27.35.

AMP shares rose after the company updated the market on plans for two demerged businesses.

The retail wealth business AMP Limited will have goals including cutting $115 million in costs in two years.

The private markets business, which will manage property and infrastructure investments, has a leadership team and chairman ready.

Shares were up 6.71 per cent to $1.07.

KFC owners Collins Foods improved first-half profit as customers in Europe returned to chicken outlets.

Net profit after tax was up to $26.4 million as the earnings of KFC Europe rose higher than pre-pandemic levels.

The fully franked interim payout of 12 cents per share was more than the 10.5 cents per share paid this time last year.

Shares were up 6.15 per cent to $13.29.

Credit Corp is buying the Radio Rentals business from Thorn Group.

Credit Corp raised its full-year earnings forecast in view of the $60 million deal.

Shares in the credit group were almost nine per cent to $32.92.

Shares in Thorn Group were up 6.5 per cent to 24 cents.

The Australian dollar was buying 71.43 US cents at 1200 AEDT, higher from 71.37 US cents at Monday’s close.