The XJO is 70 points (+1.8%) stronger, trading near 4050.
Financials and materials are the standouts, with BHP, RIO and FMG all up more than 2%, whilst the big four all also enjoying gains of 2% or more each.
In company news, Qantas has announced that it expects underlying pre-tax profits of $140-$190 million (down from $417 in the previous period) for the first-half after booking costs of $650 due to higher fuel prices and the industrial dispute.
The market has taken the news in its stride, with QAN currently up nearly 5%.
Around the region, Asian market area mainly stronger; the Nikkei is up 1.8% whilst the Hang Seng is 1.7% stronger.