SYDNEY, AAP – The Australian share market is bouncing back from its three-day losing streak, with gains nearly across the board at midday.
The benchmark S&P/ASX200 index was up 74.6 points, or 1.0 per cent, to 7335.5 at noon, while the broader All Ordinaries had gained 75.7 points, or 1.0 per cent, to 7,662.7.
Every sector was in the green except for telecommunications, which was down 0.2 per cent.
The heavyweight mining sector was the biggest gainer, rising 2.7 per cent as iron ore prices advanced for a second day.
BHP added 3.4 per cent to $47.59, Fortescue Metals gained 4.5 per cent to $21 and Rio Tinto climbed 2.2 per cent to $111.40.
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Resolute Mining gained 6.3 per cent after the goldminer announced gold production was up while costs were down in the March quarter, but Newcrest dipped 1.2 per cent despite a 10 per cent increase in gold production.
The big banks were mixed, with Westpac up 0.8 per cent to $23.64 and ANZ adding 0.6 per cent to $27.06. But Commonwealth dipped 0.1 per cent to $102.90 and NAB declined 0.3 per cent to $32.12.
AMP soared 14.2 per cent to a five-month high of $1.17 after agreeing to sell its international infrastructure equity business to US-based Drawbridge Group for up to $699 million. The wealth advisor said it would return most of the funds to shareholders.
Coalminers had another strong day, with Stanmore Resources gaining 9.4 per cent, Whitehaven Coal adding 5.5 per cent and Yancoal climbing 2.8 per cent. The Ukrainian war has cast uncertainty over the future of Russian coal exports.