A man watches the shares prices listed at the Australian Stock Exchange in Sydney.
THE Australian share market has rallied today, recovering from heavy losses yesterday as oil-exposed stocks surge.
Shorly after 1pm, the benchmark ASX 200 index was up 79 points, or 1.6 per cent, at 4955.
Energy and materials stocks continued to lead the gains after a stunning bounce in global oil overnight.
Benchmark Brent crude surged 6.2 per cent to $US34.74 a barrel. Iron ore also climbed, 2.1 per cent to $US44 a tonne, taking its run of gains to six sessions.
The gains came amid some sharp slides among companies posting earnings forecasts, with rubber gloves and condom maker Ansell and services firm Programmed plunging on their updates.
In other equities news, Macquarie Group also slumped as it warned of slightly lower profitability in its commodities and financial markets division.
Virgin Australia posted a 32 per cent lift in second-quarter earnings ahead of its first-half results release next week.
In economic news, National Australia Bank’s quarterly survey of business confidence and conditions held up, with the former improving 3 points, although the bank warned the polling came ahead of January’s global market turmoil.
Elsewhere, Ernst & Young predicted significant coal sector consolidation in the year ahead as the commodity’s price pain applied pressure on miners.
Materials stocks were 3.8 per cent stronger.
BHP Billiton jumped 5.4 per cent to $15.04, while Rio Tinto soared 5.9 per cent to $39.20.
Energy stocks were up 4 per cent.
Woodside Petroleum was 3.7 per cent higher to $25.65, while Origin Energy lifted 2.6 per cent to $3.90.
Financial stocks were up 0.5 per cent with the big banks leading the way.
ANZ added 1.3 per cent to $23.98, while Commonwealth Bank gained 0.9 per cent to $76.40. NAB lifted 1 per cent to $26.61, while Westpac was up 1.7 per cent to $29.92.
Macquarie Group was off 6.4 per cent at $63.87.
Consumer staples gained 0.8 per cent.
Wesfarmers added 0.4 per cent to $42.88, while Woolworths improved 1.3 per cent to $23.89.
Meanwhile, Telstra was 0.6 per cent higher to $5.585, while Qantas was off 2.2 per cent to $3.815.
Elsewhere, Ansell plunged 18.2 per cent to $15.26, Programmed retreated 20.6 per cent to $1.445, while Virgin Australia dipped 1.1 per cent to 48.5c.
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