The Australian share market continued its run higher at midday, as a rise in industrial metals boosted resources and more talk of the Chinese taking a stake in BHP Billiton pushed its share price up to $50 - the highest on record.
At 1205 AEST, the benchmark S&P/ASX200 index was up 75 points, or 1.27 per cent, to 5,965.7, while the broader All Ordinaries added 70.4 points, or 1.18 per cent, to 6,035.3.
On the Sydney Futures exchange, the June share price index futures contract increased 73 points to 5,982 on a volume of 10,220 contracts.
Ord Minnett client advisor Tony Chidiac said markets were buoyed by the big miners and banks.
"Those rumours don't seem to be going away," he said.
"The markets are not believing the denial that Baosteel in China are not looking into BHP and Rio, particularly BHP.
"Fortescue is also up strongly."
He said BHP and Rio had put on about 26 points combined, which is about half the market's gain on the day so far.
BHP Billiton advanced $1.66, or 3.44 per cent, to $49.64, after a report that Chinese interests were attempting to secure the support of a major Australian superannuation fund for a tilt at the big miner.
Rio Tinto rose $2.83, or 1.86 per cent, to $155.31.
Bauxite miner Alumina found eight cents, or 1.26 per cent, at $6.42.
Fortescue Metals found ten cents, or one per cent, at $9.34.
