Materials leading gains: Aus shares 0.9% higher at noon

The market has made sharp gains this morning. Strong trading was seen in Fortescue Metals (ASX:FMG), Telstra (ASX:TLS), South32 (ASX:S32) and Beach Energy (ASX:BPT).

At noon, the S&P/ASX 200 was 0.94 per cent or 69.40 points higher at 7451.30.

The SPI futures are pointing to a rise of 66 points.

Best and worst performers

The best-performing sector is Materials, up 2.82 per cent. The worst-performing sector is Health Care, down 0.23 per cent.

The best-performing stock in the S&P/ASX 200 is Champion Iron (ASX:CIA), trading 5.41 per cent higher at $4.48. It is followed by shares in Fortescue Metals Group (ASX:FMG) and Omni Bridgeway (ASX:OBL).

The worst-performing stock in the S&P/ASX 200 is Eagers Automotive (ASX:APE), trading 2.76 per cent lower at $13.37. It is followed by shares in Ansell (ASX:ANN) and Fisher & Paykel Healthcare (ASX:FPH).

Commodities and the dollar

Gold is trading at US$1860.60 an ounce.
Iron ore is 5.3 per cent higher at US$94.20 a ton.
Iron ore futures are pointing to a rise of 1.1 per cent.
One Australian dollar is buying 72.85 US cents.