SYDNEY: The Australian sharemarket remained stronger at noon on the back of strong spikes in energy and resources stocks after a bounce in commodity prices
overnight.
At 12.05pm (AEST) the benchmark S & P/ASX200 index was up 22.7 points, or 0.38 per cent, at 5948.7 points, while the broader All Ordinaries index was up 22.4 points, or 0.38 per cent, at 5915.6 points.
CMC chief market analyst Ric Spooner said some modest respite on the commodity front would buoy the local market during the session.
“Sellers may be a little cautious given solid gains in the oil price last night plus a small move in the right direction for the spot iron ore price,” he said.
Energy stocks led the local market higher, adding 2.09 per cent as a sector after US oil prices hit their highest point of 2015.
Oil Search surged 4.98 per cent to $7.59, while Beach Energy rose 3.24 per cent to $1.115.
Santos added 3.1 per cent to $7.32, while Woodside Petroleum rose 1.89 per cent at $35.02.
Materials surged 1.08 per cent after the iron ore price snapped a seven-session losing streak.
