THE share market was higher at noon, led by iron ore and coal producers, after a report showed that Chinese exports jumped, snapping a 13-month losing streak.
At 12:00 (AEDT) on, the benchmark S&P/ASX200 index was up 31.7 points, or 0.65 per cent, at 4943.8, while the broader All Ordinaries index gained 30.7 points, or 0.62 per cent, to 4972.9.
Burrell Stockbroking director Richard Herring said the bulk commodity, or iron ore and coal, producers were continuing to gain, encouraged by the reports from China.
"We've seen again the continuation of that theme over the last month or so,'' he said.
"The bulk (commodities) are what the market's really focused on.''
Mining giant and the market's biggest stock, BHP Billiton, gained 70 cents, or 1.6 per cent, to $44.32 and Rio Tinto added 91 cents to $79.92.
Iron ore producer Fortescue Metals jumped 20 cents, or four per cent, to $5.26.
Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
Coal miner Riversdale Mining added 32 cents, or 4.1 per cent, to $8.08, Centennial Coal rose nine cents to $4.22 and Macarthur Coal increased 10 cents to $12.15.
China's exports surged 17.7 per cent in December to snap a 13-month falling streak, the Chinese Government said yesterday, cementing the Asian power as the world's biggest exporter.
China's finance minister also said that the government would probably spend the full amount of planned stimulus in 2010, despite improvements in its economy and efforts to control bank lending.
US and European equity markets also gained on Friday, despite disappointing US jobs figures, encouraging the positive sentiment.
Gold stocks pushed the index higher, with Lihir rising 13 cents, or 3.9 per cent, to $3.49 and Newcrest jumped 87 cents, or 2.4 per cent, to $37.07.
At 12:14 AEDT, the spot price of gold in Sydney was $US1156.23 per fine ounce, up $US35.75 on Friday's closing price of $US1120.48.
The steel producers and metal recyclers also gained. OneSteel gained 10 cents, or 2.9 per cent, to $3.58, BlueScope Steel added six cents to $3.30 and Sims Metal rose 55 cents to $24.98.
Bucking the index's upward move, Nomad Building plunged 44 per cent, or 31 cents, to 39.5 cents, after the modular builder downgraded its 2009/10 guidance to a $2 million loss, blaming market conditions and poor management and systems.
"On the downside, Nomad's the standout with its profit downgrade,'' Burrell's Mr Herring said.
"That was appalling reading for shareholders.''
Other stocks to decline included WorleyParsons, slipping 72 cents, or 2.36 per cent, to $29.74, Telecom New Zealand, falling four cents to $2.03, and Coca-Cola Amatil, declining 17 cents to $11.12.
On the Sydney Futures Exchange, the March share price index futures contract was 37 points higher at 4932 on volume of 8820 contracts.
Resources lead shares higherHousehold wealth rises but still far below peak
