The Australian share market is higher after comfortable rises on most key markets in the US and Europe and price gains for copper and iron ore.
The benchmark S&P/ASX200 index was up 24.3 points, or 0.4 per cent, at 6,049.4 points at 1025 AEST, while the broader All Ordinaries was up 23.6 points, or 0.38 per cent, at 6,161 points.
Australian Stock Report head of research Chris Conway said the market had been lifted by a positive US lead, higher prices for iron ore, and continuing positive sentiment generated by Wednesday’s stronger-than-expected GDP figures.
“The Dow and US markets were up – the rally in the US continued and that’s flowed though,” Mr Conway said.
On Wall Street, the Dow Jones Industrial Average rose 1.4 per cent, the S&P 500 gained 0.86 per cent, and the Nasdaq Composite added 0.67 per cent.
The mining sector is leading the local market’s gain on the back of stronger iron ore prices overnight, Mr Conway said.
The BHP Billiton share price was 2.1 per cent higher at $34.085, Rio Tinto had gained 2.2 per cent to $85.88 and Fortescue Metals was up 0.6 per cent at $4.83.
The big four bank shares were all higher, led by Westpac.
Financial services provider AMP was down 1.9 per cent at $3.66.
The company has been hit with a fourth shareholder class action over the scandals revealed at the banking royal commission and the resulting damage to the embattled financial giant’s market value.
Chicken producer Ingham’s Group had plunged 8.3 per cent to $3.75 after it announced that chief executive Mick McMahon will step down later this year, and replaced on an interim basis by chief commercial officer Quinton Hildebrand.
The Australian dollar has extended its rally sparked by Wednesday’s better than expected economic growth figures, trading at 76.69 US cents at 1025 AEST on Thursday, from 76.54 US cents on Wednesday.
The Australian Bureau of Statistics will release international trade and goods and services data for April later on Thursday.
ON THE ASX AT 1025 AEST:
* The benchmark S&P/ASX200 was up 24.3 points, or 0.4 per cent, at 6,049.4 points
* The broader All Ordinaries index was up 23.6 points, or 0.38 per cent, at 6,161 points
* The SPI200 futures contract was up 29 points, or 0.48 per cent, at 6,053 points
* National turnover was 345 million securities traded worth $589 million