At 12.33pm, the ASX200 was more than 100 points higher to 4080, or 2.7 per cent ahead. The broader All Ords had gained 2.4 per cent or more than 90 points to 4042.
Burrell Stockbroking associate Peter Wright said the fact that commodity prices had not gone down, as they had in previous sessions, had encouraged investors to buy resource stocks again.
"With the prices falling so much, that's going to start creating supply disruptions which has to push the prices back up eventually," Mr Wright said.
But resource stocks could be sold off if China's economic growth figures, due out today, showed a slowdown, he said.
"If China's figures are poor, it will have a dramatic effect."
BHP Billiton rose $1.40, or 5.69 per cent, to $25.99, while rival Rio Tinto gained $2.71, or 4.33 per cent, to $65.33.
Banking stocks also gained.
NAB lifted $1.07, or 4.95 per cent, to $22.67, Commonwealth Bank added 93 cents, or 2.25 per cent, to $42.34 and ANZ increased 32 cents to $17.17.
Westpac was up 80 cents, or 3.72 per cent, to $22.28 and St George was 65 cents higher at $29.09.
Investment firm Macquarie Group declined two cents to $31.34.
After a wild roller-coaster ride last week, the share market closed 1.1 per cent down on Friday after losing early gains and some analysts had predicted a weaker open on Monday.
But at the weekend, plans for a series of summits aimed at reforming global financial systems were unveiled after talks between US President George W. Bush and French President Nicolas Sarkozy as South Korea moved to shore up its banks.
Some market reaction to mortgage interest rate cuts made by ANZ and Aussie Home Loans over the weekend was also on the cards for today's session, Commsec's Craig James said yesterday.
On Friday ANZ announced a 25 basis point cut to its standard variable mortgage rate, saying the cost of wholesale funding was easing.
On Saturday Aussie Home Loans said it was dropping its standard variable home loan rate by 30 basis points to 7.79 per cent for first home buyers after the Federal Government announced further assistance to first home buyers.
After a wild roller-coaster ride last week, the share market closed 1.1 per cent down on Friday after losing early gains and some analysts had predicted a weaker open on Monday.
But at the weekend, plans for a series of summits aimed at reforming global financial systems were unveiled after talks between US President George W. Bush and French President Nicolas Sarkozy as South Korea moved to shore up its banks.
Some market reaction to mortgage interest rate cuts made by ANZ and Aussie Home Loans over the weekend was also on the cards for today's session, Commsec's Craig James said yesterday.
On Friday ANZ announced a 25 basis point cut to its standard variable mortgage rate, saying the cost of wholesale funding was easing.
On Saturday Aussie Home Loans said it was dropping its standard variable home loan rate by 30 basis points to 7.79 per cent for first home buyers after the Federal Government announced further assistance to first home buyers.
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