The Australian share market is higher after BHP Billiton’s latest production report helped spark a rally in resources stocks.
The market is more than one per cent higher, with BHP and Rio Tinto leading the charge.
BHP on Wednesday announced it had lifted production nine per cent in the first half and had cut back on US shale oil drilling in response to lower oil prices.
That followed Rio Tinto’s announcement on Tuesday that its iron ore production had topped 300 million tonnes a year for the first time.
Phillip Capital senior client adviser Michael Heffernan said the gains were spread across the market.
“The market is doing very well, there’s green all over the place at the moment,” he said.
BHP Billiton shares were up 52 cents, or two per cent, to $28.00 at noon, while Rio Tinto added $1.69, or three per cent, to $55.38.
Iron ore player Fortescue Metals was flat at $2.33.
The oil and gas sector was mixed with Woodside Petroleum up 22 cents to $32.48 while Oil Search lost eight cents to $7.41 and Santos dropped two cents to $7.37 following a fall in oil prices.
Among the major banks, ANZ had fallen gained 27 cents to $31.78 while Commonwealth Bank had climbed $1.09 to $84.59, Westpac had added 42 cents to $33.31, and National Australia Bank was 44 cents higher at $34.00.
Telstra gained five cents to $6.24.
KEY FACTS
* At 1210 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 71.2 points, or 1.34 per cent, at 5,378.9 points.
* The broader All Ordinaries index was up 67.8 points, or 1.28 per cent, at 5,354.6 points.
* The March share price index futures contract was 71 points higher at 5,329 points, with 16,034 contracts traded.
* National turnover was 551 million securities worth $1.59 billion.
