The Australian market is rallying

Caroline Buchanan and Lauren Reynolds both of Australia, Elke Vanhoof of Belgium and Alise Post of the US at the Womens Elite UCI BMX Supercross World Cup in Arnhem, Netherlands. Dean Mouhtaropoulos/Getty Images

Australian stocks rallied today, led by the big miners, with investors buoyed by rising overseas markets and by stronger iron ore and oil prices.

Wall St was flat in overnight trade with the S&P 500 closing up, just. However, in Europe the Stoxx 50 was up 2.8%, the FTSE 1.4% and the DAX 2.3%.

This followed a strong lead from China yesterday when the Shanghai Composite index added 5.79%, its largest one-day percentage increase rise since March 2009.

Overnight, iron ore reversed yesterday’s sharp fall, rising 9.9% to $US48.99 a tonne. And oil was 2.6% higher at $US58.51 a barrel.

On the ASX, all ten sectors were green and rising.

Energy stocks followed oil prices higher. Santos was up 2.54% to $7.67, LNG 3.34% to $3.86 and Woodside Petroleum 0.63% to $33.73.

The big miners were all positive. BHP added 3.3% to $26.73 and Rio Tinto 3.11% to $52.47.

Westpac increased 1.28% to $33.30 and Commonwealth Bank 0.86% to $86.34.

Iron ore miners were rising. Fortescue was 3.75% to $1.852, BC Iron 1.79% to $0.29 and Grange Resources 4.55% to $0.115.

Clothing group Pacific Brands is up 3.45% to $0.45, making up yesterday’s fall. Kathmandu also clawed back its losses, rising 1.77% to $1.44.

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