The Australian share market has rebounded as a surge in iron ore prices boosted the miners and bargain hunters piled into other sectors.
OptionsXpress market analyst Ben Le Brun said the local bourse enjoyed a rip-roaring session on Tuesday on the back of the stronger price of iron ore overnight.
“It’s a sea of green out there,” Mr Le Brun said.
“Most of the best percentage gainers are iron ore producers, especially mid-cap iron ore producers.
“What’s been most encouraging is the aggressive nature of the bargain-hunters that have come out of the woodwork – they have bid up the financial stocks, the telcos, consumer staples and even the energy sector.”
Mr Le Brun said iron ore prices had lifted in the wake of stronger Chinese trade data released on Monday, especially data on imports.
In the resources sector, global miner BHP Billiton rose 85 cents to $33.45, Rio Tinto was up $2.38 at $60.74, and Fortescue Metals added 19 cents at $3.65, according to preliminary closing figures.
Mount Gibson Iron was eight cents, or 17.98 per cent, richer at 52.5 cents, and Atlas Iron lifted 5.5 cents, or 14.86 per cent, to 42.5 cents.
Oz Minerals surged 28 cents to $3.95 as the company said it is on track to meet its production guidance after lifting quarterly copper and gold output.
Among the major banks, ANZ was up 14 cents at $31.15, Westpac found 24 cents to $32.14, National Australia Bank improved 40 cents to $32.22, but Commonwealth Bank scraped off one cent at $74.12.
Telstra picked up five cents at $5.29 after the telco’s chief executive David Thodey reaffirmed the telco’s financial guidance for the year ahead at its annual general meeting.
KEY FACTS
* At 1621 AEDT on Tuesday, according to preliminary figures, the benchmark S&P/ASX200 index was up 51.9 points, or 1.01 per cent, at 5,207.4 points.
* The broader All Ordinaries index was up 50.9 points, or 0.99 per cent, at 5,204.0 points.
* The December share price index futures contract was up 50 points at 5,187 points, with 33,257 contracts traded.
* National turnover was 1.54 billion securities worth $4.82 billion.
