The share market is holding onto strong early gains in late trade, with most sectors in positive territory.
The All Ordinaries was 0.7 per cent higher at 4,621 around 3:00pm (AEDT), and the ASX 200 had also risen by 0.7 per cent to 4,607.
Shares in surfwear retailer Billabong remain on a trading halt amid speculation about a takeover offer.
However, the rest of the retail sector is posting strong growth - Woolworths and Wesfarmers (which owns Coles) were both up more than 1.5 per cent.
Department store David Jones was up 1 per cent and Myer had added around 0.5 per cent.
Fortescue Metals Group was up 2.4 per cent, as the Chinese iron ore spot price passed $US130 a tonne yesterday.
Rio Tinto was up 1.8 per cent, and BHP Billiton up 0.9 per cent.
Qantas was gaining strongly, up 2.9 per cent to $1.435.
NAB led gains among the major banks, with a 1.1 per cent gain to $24.74, while the Commonwealth Bank was 0.5 per cent higher after it increased its stake in Aussie Home Loans from a third to 80 per cent for an undisclosed sum.
The dollar was buying 105.45 US cents.