At 11:35am, the S&P/ASX 200 is 0.84 per cent higher at 7,927.30. This is led by a strong performance in the materials sector driven by rising iron ore prices. The broader market was supported by optimism about the potential for a post-tech rotation, although there is disagreement about the timing and sustainability of this shift.
The SPI futures are pointing to a rise of 52 points.
Best and worst performers
The best-performing sector is Materials, up 1.82 per cent. The worst-performing sector is Utilities, down 0.98 per cent.
The best-performing large cap is Mineral Resources (ASX:MIN), trading 6.19 per cent higher at $55.08. It is followed by shares in Pilbara Minerals (ASX:PLS) and Lynas Rare Earths (ASX:LYC).
The worst-performing large cap is Mercury NZ (ASX:MCY), trading 3.13 per cent lower at $6.19. It is followed by shares in Newmont Corporation (ASX:NEM) and Northern Star Resources (ASX:NST).
Commodities and the dollar
Gold is trading at US$2407.90 an ounce.
Iron ore futures are pointing to a 2.14 per cent rise.
One Australian dollar is buying 65.48 US cents.
