The share market is higher as all sectors rise in the wake of rallies by markets in the US and Europe.
The market is more than one per cent higher, reversing most of Wednesday’s losses.
Local shares were following the lead of Wall Street, which rallied after the US Federal Reserve appeared to indicate it was in no rush to raise interest rates, Lonsec senior client advisor Michael Heffernan said.
“Today is looking pretty smart, I think due to the fact the American market was pretty strong last night, probably due to some reassurance from the Fed,” he said.
The major banks were sharply higher, with Commonwealth Bank up $1.10 at $76.12, ANZ up 52 cents at $31.82 and Westpac up 46 cents at $32.74.
National Australia Bank’s gain was more modest, up 13 cents st $32.28, after flagging a slide in full year earnings following more than $1 billion in writedowns.
In the resources sector, BHP Billiton was up 36 cents at $33.20, Rio Tinto had climbed 15 cents to $59.24 while iron ore miner Fortescue Metals had dipped two cents at $3.38.
Telstra had gained five cents to $5.41.
KEY FACTS
* At 1210 AEDT On Thursday, the benchmark S&P/ASX200 index was up 53.1 points, or 1.01 per cent, at 5,294.4 points.
* The broader All Ordinaries index was up 50.6 points, or 0.97 per cent, at 5,292.2 points.
* The December share price index futures contract was 57 points higher at 5,282 points, with 14,976 contracts traded.
* National turnover was 904 million securities worth $1.95 billion.
