ASX up at noon led by gold, financials

The Australian stock market was experiencing broad-based gains at noon with strong rises in gold, financials, retail, energy and resources sectors.

The benchmark S&P/ASX200 index had risen 58.1 points, or 1.28 per cent, at 4,606.1 points by 1200 AEST, while the broader All Ordinaries index was up 57.9 points, or 1.27 per cent, at 4,631.1 points.

By 1201 AEST the Sydney Futures Exchange, the June share price index futures contract was 55 points higher at 4,613 points, on volume of 23,695 contracts.

Macquarie Private Wealth adviser Helen Spencer said the market was doing better than expected with the gold and financials sectors up.

"The gold sector today is faring exceptionally well as one of the standout sectors today," Ms Spencer said, also citing the banks and some industrial stocks.

Ms Spencer said the market should continue to improve unless negative data emerges from Europe or China.

"We will continue to trade in positive territory today unless we get some more data out of Asian markets," she said.

By 1206 AEST, the spot price of gold in Sydney was $US1,227.90 per fine ounce, up $US22.80 on Tuesday's closing price of $US1,205.10.

Lihir Ltd jumped 12 cents, or 3.08 per cent, to $4.02 and Newcrest Mining rose $1, or 3.18 per cent, to $32.41.

The world's biggest miner, BHP Billiton, rose 37 cents to $38.50, while Rio Tinto added 50 cents to $67.60.

Among the major banks, NAB was 27 cents higher, by 1.07 per cent, at $25.53, Westpac had put on 21 cents, or 0.85 per cent, at $25.03, and ANZ had advanced 37 cents, or 1.64 per cent at $22.89.

CBA stock was down 28 cents, or 0.51 per cent, at $54.57 following the release of its third quarter trading update.

In company news, Asciano Group says it's signed a contract with Toll Holdings to haul intermodal rail freight, with expected revenues of up to $1 billion over five years.

Asciano was down half a cent at $1.635 at 1222 AEST.

Sugar, energy and building materials maker CSR jumped four cents, or 2.41 per cent, to $1.70 after it posted a 66 per cent improvement in its annual result.

Toll road operator Transurban Group has rejected a takeover bid from its three largest shareholders, Canadian pension funds, but says it's happy to explore ways of working with them.

Transurban shares were placed in a trading halt on Monday, prior to its announcement of the capital raising to fund its acquisition of the Lane Cove Tunnel.

Its securities traded last at $4.92.

Major retailers also gained, with Woolworths up 22 cents at $27.30, and Wesfarmers rising 89 cents, or 3.13 per cent, to $29.29.

In the energy sector, Woodside rose 56 cents to $43.24, Oil Search added two cents to $5.60 and Origin rose 42 cents or 2.79 per cent to $15.50.

Australian Mines was the most traded stock by volume by 1235 AEST, with 64.5 million shares changing hands at a total value of $97,000.

Its stock fell 0.1 cent, or 50 per cent, to 0.1 cent.

National turnover was 1.07 billion shares, worth $2.8 billion, with 614 stocks up, 278 down, and 316 unchanged.

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