from AAP: Stocks higher at noon on better sentiment:
Australian shares were higher at noon, with investor sentiment still flowing from positive international economic news overnight.
The local market opened almost one per cent up on Thursday on a strong lead from Wall Street, better-than-expected US company results and news that Slovakia would be the final eurozone country to vote in favour of an expanded European rescue fund.
By 1204 AEDT, both major local indices had pared back some of their early gains, but remained in positive territory.
The benchmark S&P/ASX200 index had gained 22.2 points, or 0.53 per cent, at 4,226.5 and the broader All Ordinaries index rose 23.5 points, or 0.55 per cent, to 4,289.9.
Money continued to flow from typically defensive sectors such as consumer staples - which fell 0.7 per cent - to high growth sectors, including materials, which rose 1.5 per cent after copper surged to a two-week high overnight.
The metal went above $7,500 per tonne, as budding signs of increased Chinese purchases underpinned sentiment and drove prices further away from last week's 14-month low.
Mining giant BHP Billiton gained 45 cents, or 1.2 per cent, to $37.53, while fellow miner Rio Tinto rose $1.73, or 2.6 per cent, to $69.19.
Fortescue Metals Group also advanced, 17 cents, or 3.6 per cent, to $4.89.
Financials gained 0.18 per cent, as investors remained uncertain about Australian banks' exposure to the eurozone debt crisis.
All the major retail banks had shed value by noon except Commonwealth Bank, which gained 28 cents to $47.74. Westpac fell five cents to $21.58, ANZ lost 10 cents to $20.98, while National Australia Bank dropped 11 cents to $24.09/
The weakest stock of the top 100 companies on the ASX was Caltex, which fell 2.5 per cent, or 32.5 cents, to $12.86.
Meanwhile, making headlines in local trade, Qantas shares advanced half a cent to $1.56 despite the airline announcing it was grounding five planes and cutting up to 100 domestic flights because of ongoing industrial action.
The best performing stock on the ASX 100 was mineral sands producer Iluka Resources, which gained 5.8 per cent, or 90 cents, to $16.40, after it said it had increased September quarter production by almost 10 per cent and that the fundamentals of supply and demand remain solid.
The spot price of gold in Sydney was $US1,682.3 per fine ounce, up $US15.40 an ounce from Wednesday's close at $US1,666.90.
Stocks to watch at noon on Thursday:
BOQ - BANK OF QUEENSLAND LTD - up six cents, or 1.22 per cent, at $8.05
Bank of Queensland full year results due on Thursday
CNA - COAL AND ALLIED INDUSTRIES LTD - down 49 cents, at $123.40
Coal & Allied September quarter report is due on Thursday
ILU - ILUKA RESOURCES LTD - up 92 cents, or 5.94 per cent, at $16.42
Mineral sands producer Iluka Resources increased September quarter production by almost 10 per cent and said the fundamentals of supply and demand remain solid.
KMD - KATHMANDU HOLDINGS LTD - up one cent, at $1.77
Outdoor clothing and equipment retailer Kathmandu has become a partner of the Australian Himalayan Foundation which provides assistance to the people of the Himalaya.
QAN - QANTAS AIRWAYS LTD - up 0.5 cents, at $1.56
Qantas says it will ground five of its aircraft and cut up to 100 domestic flights a week because of the impact of ongoing industrial action.
Separately, at least 7,000 Qantas passengers, including dozens of federal politicians, are expected to be affected by major strikes at airports across the country on Thursday.
TIO - RIO TINTO LTD - up $1.71, or 2.53 per cent, at $69.17
Rio Tinto third quarter production report is due on Thursday
VBA - VIRGIN BLUE HOLDINGS LTD - up 0.5 cents, or 1.59 per cent, at 32 cents
The competition watchdog has indicated it will clear Virgin Australia's partnership with Singapore Airlines, saying the deal will benefit consumers.
