The Australian share market extended its gains from Christmas Eve and charged 1.4 per cent higher earlier in the session and now it's 1 per cent higher (at noon), after Wall Street notched a record rally, with the Dow gaining over 1,000 points on Wednesday.
It comes as retail and energy shares sharply rose, with US equities recovering from their steep losses from the prior session.
The Energy sector is leading our sectors higher today after Oil rose 10 per cent, rebounding from its Christmas Eve sell-off
The S&P/ASX 200 index is 56 points 5,549 at noon. On the futures market the SPI are flat.
Bellamy's Australia (ASX:BAL) shares have made a bit of rebound, moving up to one of today’s top performers. However, the stock has been heavily sold down after reaching an all-time high in March, when it hit about $22.52. Shares in Bellamy's Australia (ASX:BAL) are trading 5 per cent higher at $7.15 at noon.
Afterpay Touch Group (ASX:APT) shares have also seen a strong rally today after the Christmas rush. However, its shares have come along way after they fell from their all-time in August when it hit $23.00. Shares in Afterpay Touch Group (ASX:APT) are trading 4.7 per cent higher at $12.26 at noon.
Medical cannabis company, MMJ Group Holdings (ASX:MMJ) advised that a company it owns 4.5 per cent of, MediPharm (TSX-V:LABS) has expanded its production capacity by 50 per cent, with the ability to process up to 150,000 kilograms of dried cannabis per year. MediPharm says it will be able to help Canadian markets meet upcoming demands for concentrates, while it currently has the largest cannabis extraction footprint in Canada. MMJ Group Holdings (ASX:MMJ) shares are trading 5.1 per cent higher at $0.21 at noon.
Best and worst performers
The best performing sector is Energy adding 2.7 per cent, while the worst performing sector is Real Estate Investment Trusts shedding 0.5 per cent.
The best performing stock in the S&P/ASX 200 is Ausdrill Limited (ASX:ASL), rising 7.1 per cent to $1.16 followed by shares in Appen Limited (ASX:APX) and Bellamy's Australia Limited (ASX:BAL).
The worst performing stock in the S&P/ASX 200 is Speedcast International Limited (ASX:SDA), dropping 4.3 per cent to $2.89, followed by shares in Infigen Energy (ASX:IFN) and Mirvac Group (ASX:MGR).
Commodities and the dollar
Gold is trading at US$1,271 an ounce.
Iron ore futures are pointing to a rise of 0.6 per cent.
One Australian dollar is buying 70.77 US cents.