The Australian share market was firmer at noon as the mining giants outperformed the market, and gained another boost from positive Chinese trade data.
BHP Billiton was up 1.26 per cent, or 43 cents, to $34.10 while Rio Tinto put on 1.41 per cent, or 61 cents, to hit $58.20.
City Index senior dealer Kara Ordway said positive Chinese trade data for April was likely to benefit the big miners during Wednesday afternoon trade.
“They’re already making significant gains … it’s going to carry the momentum towards the end of the day’s session,” she told AAP, adding promises of big dividends was helping resources stocks.
The Chinese figures showed exports rising by 14.7 per cent, as imports advanced 16.8 per cent.
Investors did not appear to react to BHP Billiton’s announcement it would raise $734 million by issuing bonds in Canada, worth $C750 million, with the proceeds used to refinance debt.
Australia’s major banks also rose but they were underperforming the rest of the market, with Westpac rising by 0.34 per cent, or 11 cents, to $32.69 and National Australia Bank rising by 0.46 per cent, or 15 cents, to $33.10.
“They made such big gains since the start of the year that it was inevitable that they were going to lose a little bit of steam,” Ms Ordway said.
KEY FACTS
* At 1200 AEST on Wednesday, the benchmark S&P/ASX200 index was up 40.1 points, or 0.76 per cent, at 5,162.9 points.
* The broader All Ordinaries index was up 39.7 points, or 0.77 per cent, at 5,162.4 points.
* The June share price index futures contract was 36 points higher at 5,170 points, with 10,540 contracts traded.
* National turnover was 676.1 million securities worth $1.7 billion.
