The Australian stock market was higher at midday following a surge in confidence in the resource sector.
At noon on Tuesday, the benchmark S&P/ASX200 index was up 7.9 points, or 0.18 per cent, at 4,372.2 points, while the broader All Ordinaries index was also up 8.3 points, or 0.19 per cent, at 4,400.2 points.
On the ASX 24, the September share price index futures contract was nine points higher at 4,357, with 9,705 contracts traded.
IG Markets dealer Chris Weston said the gains in the Australian market have been fuelled by both increased optimism around the material sector, and anticipation that the situation in Europe was starting to stabilise.
"We have seen some good gains in the banking sector of late, and we needed the material sector to participate. They're coming through today," Mr Weston said.
"There's a mild anticipation that Europe will do well tonight," he said.
In the resource sector shares in mining and steel company Arrium surged over eight per cent, despite the company reporting a 75 per cent slump in net profit to $58 million.
Rio Tinto experienced small gains in value climbing 1.5 cents to $54.52, while BHP Billiton rose 20 cents to $33.23.
It was a mixed morning for the banking sector. Shares in Westpac dropped 22.5 cents to $24.75, while the Commonwealth Bank also suffered a loss, falling 0.27 per cent or 15 cents to $55.65. The National Australian Bank rose 24 cents or 0.96 per cent to $25.15, and ANZ also had a small gain, jumping one cent to $24.79.
In other local equities, shares in property developer Mirvac Group fell two cents or 1.46 per cent despite the company posting a net profit of $416.1 million in the year to June 30, up from $182.6 million in the corresponding period last year.
Earlier on Tuesday Consolidated Media reported a 15.6 per cent slide in the net profit in the year to June 30 to $85.8 million, and shares climbed one cent to trade at $3.45.
Shares in engineering company Monadelphous jumped seven per cent to $23.22 following the company's net profit rising 44.5 per cent in the year to June 30 compared to the same time in 2011.
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