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Market up stongly mid-session
Market up stongly mid-session

The Australian sharemarket has risen more than one per cent as broad-based gains buoy the market.

At 10am, the benchmark S&P/ASX200 index was up 44.8 points, or 1.09 per cent, at 4168.4, while the broader All Ordinaries index was up 43.8 points, or 1.05 per cent, at 4200.2.

On the ASX 24, the September share price index futures contract was up 40 points at 4132, with 12,978 contracts traded.

CMC markets chief market analyst David Land said a combination of factors, including overnight leads from US tech stocks and a recovery for local resources and oil companies, had helped boost market confidence.

"It's a fairly consistent market with all of the sectors broadly in positive territory.

"The lead from the US did the trick for the market overnight, and we've certainly seen a bit more life in the resources sector," he said.

The mining giants have recovered from yesterday's losses, with Rio Tinto 19.5 cents stronger at $52.97 and BHP Billiton up 51 cents at $30.69.

In the banking sector, Westpac was 18.5 cents stronger at $22.77, ANZ was 11 cents higher at $23.07, National Australia Bank had gained 13 cents to $23.90 and Commonwealth Bank was up 20 cents to $55.45.

Among oil and gas producers, Woodside Petroleum soared $2.11, or almost seven per cent, to $32.49 after posting a 43 per cent surge in second quarter production and raising its full-year production target.

Santos also rose, by 33 cents to $10.43, after posting gains in quarterly production of nine per cent and revenue growth of 18 per cent.

In media, shares of Fairfax Media gained two cents to 56 cents on announcing the appointment of Hungry Jack's founder and Gina Rinehart ally Jack Cowin to the board as an independent director.

Seven West Media shares slumped seven cents to $1.45 on resumption of trading, following its plan to use funds from a $440 million much-anticipated capital raising to pay down debt.

In local economic news, concerns over Europe appears to have dragged down business confidence and overall business conditions in the three months to June.

The National Australia Bank business conditions index for the June quarter was minus one, from plus three in the March quarter - putting it just below the long-term average.

Business confidence was marginally down - registering an index of minus two, from minus one in the March quarter.

National turnover was 583 million securities worth $1.5 billion, with 406 stocks up, 253 down and 273 unchanged.