PERTH: A resources-led rally pushed the Australian sharemarket nearly 2 per cent higher at noon as energy and mining stocks surge.
The local market was also tracking higher in the wake of upbeat sessions in the US and Europe, despite disappointing US jobs data being seen as likely to push back the timing of a US interest rate rise.
At 12.05pm (AEDT), the benchmark S & P/ASX200 index rose 89.8 points, or 1.78 per cent, to 5141.8, while the broader All Ordinaries index added 86.3 points, or 1.7 per cent, to 5175.5.
US non-farm payrolls, which were released on Friday, missed forecasts and sparked wild swings on Wall Street. The soggy numbers have dampened expectations of a US Fed rate hike this year.
IG market strategist Evan Lucas said the conclusion from weak jobs data out of the US seemed to be that the China slowdown is spreading across the Pacific.
