The share market is set for a tenth straight day of gains as rebounding oil prices lift energy and mining stocks.
The market is more than 1.2 per cent higher at noon, and a stronger close will mark its longest winning run since mid-2013.
BHP Billiton and iron ore miner Fortescue Metals were among the best performers, while the energy sector was also higher as crude oil prices have rebounded almost 20 per cent in the last three days.
An Australian dollar under 78 US cents was also beneficial for the resources sector.
IG chief market strategist Chris Weston said low bond yields are also drawing traders to equity markets.
“The Australian equities market is a simple beast, and people are playing it accordingly,” he said.
“It’s a good day to be long Australian stocks.”
The market is still riding on the sentiment of Tuesday’s Reserve Bank interest rate cut, giving the banks further gains, Mr Weston added.
BHP had added $1.415, or nearly five per cent, to $32.065, Rio Tinto was up $1.90 at $60.48 and Fortescue Metals was 23 cents higher at $2.60.
In the energy sector, Santos had gained 32 cents at $8.53, Oil Search was up 10 cents at $8.43 and Woodside Petroleum was 34 cents higher at $36.03.
Among the banks, Commonwealth Bank had gained 51 cents at $90.91, National Australia Bank had added 31 cents to $36.54, ANZ was up 46 cents at $34.57 and Westpac was 68 cents higher at $35.94.
Telstra, however, was down six cents at $6.61.
KEY FACTS
* At 1200 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 72.3 points, or 1.27 per cent, at 5,779.7.
* The broader All Ordinaries index was up 70.2 points, or 1.24 per cent, at 5,736.4.
* The March share price index futures contract was 81 points higher at 5,724, with 21,463 contracts traded.
* National turnover was $984 million securities worth $2.8 billion.
