The share market is on course for its best session in seven weeks after overnight gains in key commodities helped steer the market higher.
At lunchtime the ASX 200 was trading 55 points or more than 1% ahead at 5392 and looking set for its biggest gain since a 61-point jump on February 6. Gold -0.5% was the only sector left behind as metals & mining rallied 1.9%, materials 1.7%, financials 1.2% and consumer discretionary 1.1%.
"Early signs are that US growth is back on track with consumer confidence holding up and the market growing more confident that some of the data through the winter was weather-related," Sean Fenton, fund manager at Tribeca Investment Partners, told Bloomberg. "We have seen a stabilisation in China recently and there is a good chance we are through the worst."
The dollar hovered near its highest level of the year. The Aussie was buying 91.61 US cents after hitting US91.76 cents overnight.
Asian markets share the positive mood. China's Shanghai Composite gained 0.25%, Hong Kong's Hang Seng 1.12% and Japan's Nikkei 0.22%. Dow futures were recently up 26 points or nearly 0.2%.
Crude oil futures edged up three cents this morning to US$99.27 a barrel. Spot gold was 40 cents higher at US$1,312.70 an ounce.
Many thanks, Lioness, for the knighthood. I'll reciprocate by nominating you for a Dame, of which I hear there is nothing like. Nothing in the world. Been a ripper of a morning on the market, even though little of the enthusiasm seemed to filter down to the specs. We should see the benefit in a pick-up in risk appetite in the days ahead. I got a good wage out of TLG and a little icing from IBY.
