The Australian share market is trading strongly after solid leads from Wall Street, and the release of gross domestic figures showing that the economy is in good nick.
The local economy grew by 0.6 per cent over the December quarter and three per cent year-on-year.
The better-than-expected figures prompted the market to climb higher after 1130 AEDT.
The banks led the charge, with all the major lenders soaring about three per cent and top performer ANZ climbing nearly four per cent.
The iron ore miners also put in a good showing, with Rio Tinto up nearly four per cent and BHP up 2.5 per cent,
But gold miners have retreated, with the sector losing six per cent of its value.
Energy stocks are performing the best, with the sector up three per cent,
Private health insurers Medibank and nib are also higher on news that the federal government has approved premium rises.
KEY FACTS:
* At 1205 AEDT, the benchmark S&P/ASX200 index was up 79.7 points, or 1.62 per cent, at 5,002 points.
* The broader All Ordinaries index was up 76.2 points, or 1.53 per cent, at 5,065.8 points.
* The March share price index futures contract was up 102 points at 4,992, with 20,998 contracts traded.
* National turnover was 892 million securities traded, worth $1.91 billion.
