The share market is more than one per cent higher after the European Central Bank announced measures to boost the eurozone’s ailing economy.
The ECB will buy 60 billion euros ($A85 billion) worth of private and public sector bonds per month between March and September 2016.
The increase in the global money supply will push funds into share markets, including Australia’s, IG chief market strategist Chris Weston said.
“Our market’s really rejoicing on that and is pushing up strong,” he said.
“We’re following the global sentiment. It seems that global equities have found their mojo again.
“I expect to see that flow continue over the short, medium and longer term.”
All sectors of the market were higher at noon.
BHP Billiton was up 54 cents at $29.39, Rio Tinto had gained 67 cents to $57.17 and iron ore producer Fortescue Metals was six cents higher at $2.23.
Iron ore miner and steelmaker Arrium was down 0.25 cents at 22.25 cents as it decided to close one of its two South Australian mining precincts in response to falling iron ore prices, a move that will deliver a $1.3 billion hit to its bottom line.
Oil and gas producer Santos had surged 41 cents, or 5.5 per cent, to $7.83 after lifting sales revenue and production during the December quarter, despite a sharp slide in oil prices.
Among the banks, Commonwealth Bank was up 74 cents at $85.97, Westpac had lifted 27 cents to $34.13, National Australia Bank was 33 cents higher at $34.66 and ANZ had picked up 42 cents to $32.19.
Sleep disorder specialist ResMed was up 38 cents, or 5.15 per cent, at $7.76 after its half year profit rose in the wake of new product launches.
KEY FACTS
* At 1207 AEDT on Friday, the benchmark S&P/ASX200 index was up 62.8 points, or 1.16 per cent, at 5,482.7 points.
* The broader All Ordinaries index was up 58.9 points, or 1.09 per cent, at 5,449.4 points.
* The March share price index futures contract was 72 points higher at 5,435 points, with 12,760 contracts traded.
* National turnover was 583 million securities worth $1.4 billion.
