The Australian share market was up by more than 1.4 per cent at noon and on track for a third consecutive day of gains.
Every sector had risen, with energy and mining stocks the best performers in a “Santa Claus rally” that had built on gains at the open.
Investors were reacting to positive overnight leads out of the US and Europe, following the US Federal Reserve’s assurance on Thursday that it can afford to be patient in deciding when to lift interest rates.
“The Santa Claus rally has finally arrived,” CMC Markets chief market strategist Michael McCarthy told AAP.
“Now that we have cleared the Federal Reserve hurdle and might have a more benign interest rate environment in the US than the market was looking at, it has got all the makings of a sustainable rally.”
Among energy players, oil and gas business Santos had jumped 24 cents, or 3.0 per cent, to $8.20 after announcing a new $1 billion debt facility.
Woodside Petroleum shares were up 72 cents, or 2.0 per cent, to $37.30 while Oil Search was up a cent at $7.63.
Among the big four banks, Westpac was up 56.5 cents to $32.145, ANZ had gained 45 cents to $31.43, the Commonwealth Bank had gained $1.23 to $83.03 and National Australia Bank was 50 cents higher at $32.23.
Global miner BHP Billiton lifted 64 cents to $28.68, Rio Tinto climbed 94 cents to $55.67, and Fortescue Metals gained seven cents to $2.57.
KEY FACTS
* At 1215 AEDT on Thursday, the benchmark S&P/ASX200 index was up 86 points, or 1.65 per cent, at 5,296.8 points.
* The broader All Ordinaries index was up 83.2 points, or 1.6 per cent, at 5,272.9 points.
* The March share price index futures contract was 94 points higher at 5,257 points with 13,859 contracts traded.
* National turnover was 699 million securities worth $4.7 billion.
