THE share market was higher at noon, with mining and resources stocks leading the way amid stronger commodities prices.
At 12:00 (AEDT), the benchmark S&P/ASX200 index was up 45 points, or 0.92 per cent, at 4921.3 points, while the broader All Ordinaries index had risen 47 points, or 0.96 per cent, to 4936.8 points.
On the Sydney Futures Exchange, the March share price index contract was 36 points higher at 4,913, on a volume of 14,267 contracts.
The market opened higher after a positive lead from offshore markets, and managed to extend early gains.
Almost three stocks were up for every one that fell in morning trade.
Macquarie Private Wealth investment adviser Helen Spencer said higher commodities prices had lifted the market.
"It's a phenomenally positive day,'' Ms Spencer said.
Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
"We are seeing some exceptionally strong performances from a number of the resources-related stocks.''
At 12:01 AEDT, BHP Billiton was up 21 cents, or 0.49 per cent, at $43.29, while Rio Tinto had gained 95 cents, or 1.27 per cent, to $75.87.
Oil prices rose more than $US2 in New York overnight, while gold climbed a tick above $US22. Copper and silver contracts on the New York Mercantile Exchange also advanced.
Santos was up 21 cents, or 1.47 per cent, at $14.50, Oil Search was up eight cents, or 1.31 per cent, at $6.21 and Woodside Petroleum had risen 57 cents, or 1.2 per cent, to $48.10.
Ms Spencer said positive manufacturing data from the US, Asia and Europe had supported the view that the global economy was improving and helped lift investor confidence.
"It's just a reinforcement that the global recovery is happening,'' she said.
Financial stocks also were up.
At 12:09 AEDT, ANZ had advanced eight cents to $22.97, Commonwealth Bank was up 56 cents to $55.43, NAB was 28 cents higher at $27.68, and Westpac had risen 10 cents to $25.40.
Macquarie Group was 64 cents firmer, by 1.33 per cent, at $48.64.
At 12:13 AEDT, the spot price of gold in Sydney was $US1121.70 per fine ounce, up $US18.43 from yesterday's local close of $US1,103.27.
Lihir was up five cents at $3.35, Centamin Egypt had climbed 13 cents to $2.30 and Newcrest was 76 cents higher, by 2.11 per cent, at $36.76.
Newmont was down four cents at $5.30.
Iron ore miner Fortescue Metals was up 15 cents at $4.64.
The local market received a positive lead from Wall Street, when the Dow Jones and S&P500 closed the offshore session at their highest levels in 15 months. The NASDAQ also closed firmer.
Shares close higher as banks, miners gainHousehold wealth rises but still far below peak
