At 11:30am, the S&P/ASX 200 is 1.39 per cent higher at 7,974.5, driven by optimism about potential interest rate cuts and robust economic data. Investors responded positively to strong US retail sales and positive GDP figures from Japan and the UK, fuelling a broad market rally. Notable gains have come from the materials and property sectors, while banking results were generally in line with expectations.
The SPI futures are pointing to a rise of 108 points.
Best and worst performers
All sectors are in the black. The best-performing sector is Energy, up 2.07 per cent. The sector with the fewest gains is REITs, up 0.05 per cent.
The best-performing large cap is James Hardie Industries plc (ASX:JHX), trading 6.23 per cent higher at $52.01. It is followed by shares in Netwealth Group (ASX:NWL) and Telix Pharmaceuticals (ASX:TLX).
The worst-performing large cap is GQG Partners (ASX:GQG), trading 2.46 per cent lower at $2.78. It is followed by shares in Amcor plc (ASX:AMC) and Meridian Energy (ASX:MEZ).
Commodities and the dollar
Gold is trading at US$2496.00 an ounce.
Iron ore is 2.6 per cent lower at US$92.75 a tonne.
Iron ore futures are pointing to a 0.78 per cent rise.
One Australian dollar is buying 66.24 US cents.