At 12.28pm (AEDT), the benchmark S&P/ASX200 index was up 59 points, or 1.7 per cent, at 3599, while the broader All Ordinaries had gained 60 points at 3540.
On the Sydney Futures Exchange, the December share price index futures contract was up 63 points, or 1.77 per cent, at 3628 points on volume of 13,636 contracts.
Burrell Stockbroking Associate Peter Wright said the market was strong across the board and looked promising as the US stockmarket is closed tonight for the Thanksgiving holiday.
"I don't think you can discount that the US is actually closed tonight," Mr Wright said.
"Perhaps we won't get that cautionary selling that we seem to get most afternoons with people not wanting to be exposed to the potentials of the overnight session in the US.
"I think at the moment the market seems to be in a little bit of a holding pattern ... There's not a lot of volume, not a lot of participation.
"We're kind of in a no-man's land."
At 12.01pm (AEDT), shares in resource giant BHP Billiton were were up $1.43, or 5.25 per cent, at $28.68.
The company said on Thursday that it was better placed than any other major miner to withstand the global financial and commodities markets turmoil.
BHP's rival, Rio Tinto, was in the green after a heavy slump yesterday on the back of BHP abandoning its takeover bid for Rio.
Rio Tinto shares gained 62 cents, or 1.48 per cent, at $42.63.
Australia's second biggest oil and gas producer, Woodside Petroleum, was up $2.38, or 7.46 per cent, at $34.28, Santos had gained 49 cents, or 3.5 per cent, at $14.49 and Oil Search had risen 36 cents, or 8.04 per cent, at $4.84.
The major banks were mixed at noon, with Commonwealth Bank up 24 cents to $32.90, National Australia Bank gaining 30 cents at $19.87, ANZ down eight cents at $13.97 and Westpac up four cents at $16.64.
Woolworths has reaffirmed its guidance for fiscal 2009 and says the world economic situation means it is prudent to defer any capital management activity at this time.
Woolworths shares were up 38 cents, or 1.51 per cent, at $25.48.
The other retailers were mixed. Harvey Norman shares were up seven cents, or 3.23 per cent, to $2.24, David Jones gained five cents, or 2.04 per cent at $2.50 and Coles owner Wesfarmers had dropped 29 cents, or 1.53 per cent, at $18.71.
Spot gold in Sydney was trading at $US812.10 an ounce, down $US2.35 on yesterday's local close of $US814.45.
Gold miners all were up, with Newcrest Mining gaining 54 cents, or 2.16 per cent, at $25.54, Newmont Mining rising 26 cents, or 5.35 per cent at $5.12 and Lihir Gold up eight cents, or 3.6 per cent, to $2.30.
In other news, Tower has increased its full year profit by 69 per cent after the life insurer won market share and as worries about the slowing economy prompted people to buy policies.
Shares in Tower were were up 22 cents, or 11.46 per cent, at $2.14.
QBE Insurance Group has successfully raised $2 billion from institutional investors.
QBE shares had dropped $1.10, or 4.78 per cent, at $21.90.
In other company news, Centro Retail Group chairman Paul Cooper says the listed property trust is continuing discussions with its bankers to get longer term refinancing extensions for debt facilities.
At 12.29pm AEDT, shares in Centro were up 0.1 cent, or 1.2 per cent, at 8.4 cents.
Industrial building services and refrigeration company Hastie Group says it is on track to achieve its fiscal 2009 guidance after signing a major contract. Hastie shares were up eleven cents, or 9.82 per cent, at $1.23.
In media, Fairfax gained four cents, or 3.08 per cent, to $1.34, News Corp (the parent company of the publisher of news.com.au) was up 62 cents, or 5.69 per cent, at $11.52 and its non-voting scrip was up 69 cents, or 6.69 per cent, at $11.00.
Shares in Seven Network had dropped eight cents, or 1.43 per cent, to $5.50, while Ten Network gained 5.5 cents, or 5.31 per cent, at $1.09.
At 12.33pm AEDT, the most traded stock was PanAust with 24.46 million units traded for a total of $4.28 million. Shares in the minerals explorer, developer and miner were up one cent, or 6.25 per cent, to 17 cents.
Market turnover was 574 million shares, valued at $2.1 billion, with 461 stocks up, 284 down and 251 unchanged.
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