At 11:45am, the S&P/ASX 200 is trading 0.81 per cent higher at 8,279., driven by strong gains in the mining and energy sectors.
The index is on course for a new record close, having ended Friday at 8,212.20 points.
In early Monday trading, Australia's major iron ore miners are continuing their momentum from last week, buoyed by China’s recent stimulus measures and additional support from the country’s major cities and banks. BHP shares have risen 1.7% to $45.49, Rio Tinto is up 1.3% at $129.07, and Fortescue has jumped 3.4% to $20.82.
Mineral Resources, backed by billionaire Chris Ellison, has climbed nearly 3% to $50.46, extending its gains as Friday’s top performer.
At 11:45am, the S&P/ASX 200 is 0.81 per cent higher at 8,279.
The SPI futures are pointing to a rise of 77 points.
Best and worst performers
The best-performing sector is Energy, up 2.28 per cent. The worst-performing sector is Communication Services, down 0.28 per cent.
The best-performing large cap is Mineral Resources (ASX:MIN), trading 4.42 per cent higher at $51.31. It is followed by shares in Fortescue (ASX:FMG) and James Hardie Industries plc (ASX:JHX).
The worst-performing large cap is Newmont Corporation (ASX:NEM), trading 3.15 per cent lower at $77.60. It is followed by shares in Northern Star Resources (ASX:NST) and Netwealth Group (ASX:NWL).
Commodities and the dollar
Gold is trading at US$2680.10 an ounce.
Iron ore is 3.8 per cent higher at US$101.80 a tonne.
Iron ore futures are pointing to a 8.76 per cent rise.
One Australian dollar is buying 69.07 US cents.
