The Australian share market was trading higher at noon, with investors jumping in to buy cheap stocks following three days of losses.
All sectors were trading higher apart from gold stocks, with even mining stocks posting gains after being belted on Thursday.
IG Markets market strategist Evan Lucas said it was interesting to see iron ore miners bounce back despite the ore price falling overnight to be down to $US131 ($A126.81) a tonne from $US150 a fortnight ago.
“It suggests the materials space is finally looking cheap to people,” he told AAP.
“Considering how much of a bull run we’re in, that space has been well and truly lagging behind.”
In the resources sector, global miner BHP Billiton was up 17.5 cents at $35.265, Rio Tinto had lifted 16 cents to $60.86 while Fortescue Metals was flat at $3.97.
Oil and gas producer Woodside Petroleum was 63 cents richer at $36.87, and Santos climbed 12.5 cents to $13.055.
Oil prices gained after strong US employment figures offset concerns about lofty petroleum supplies.
Stocks in the US have also posted their longest winning streak in more than 16 years.
The major banks are all performing strongly, with National Australia Bank adding 38 cents to $31.07, ANZ advanced 28 cents to $28.46, Commonwealth Bank had put on $1.05 cents to $69.93 and Westpac rose 53.5 cents to $30.665 after hitting record highs at the start of the week.
KEY FACTS
* At 1200 AEDT, the benchmark S&P/ASX200 index was up 55 points, or 1.09 per cent, at 5,087.2 points
* The All Ordinaries index was up 51.3 points, or 1.02 per cent, at 5,095.1 points
* The March share price index futures contract was 57 points higher at 5,087 points, with 17,777 contracts traded.
* National turnover was 819.11 million securities worth $1.6 billion.
