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The local share market is staging a relief rally after days of heavy losses.
At noon AEDT on Tuesday, the benchmark S&P/ASX200 index was up 87.9 points, or 1.27 per cent, to 6,986.4, while the All Ordinaries had gained 86.7 points, or 1.22 per cent, to 7,171.8.
"Markets continue to experience intraday volatility, with global banking developments still centre-stage," wrote Corpay APAC currency strategist Peter Dragicevich.
Nine of the ASX's 11 sectors were higher with energy the biggest gainer, climbing two per cent as oil prices modestly rebounded.
Woodside was up 1.9 per cent to $31.57, Santos had climbed 1.3 per cent to $6.825 and New Hope had soared 9.1 per cent to $5.345 as the coalminer beat expectations by announcing its half-year profit had doubled to $669 million.
All the big banks were recovering with Westpac up 2.0 per cent to $21.54, ANZ adding 1.6 per cent to $22.825, NAB climbing 1.4 per cent to $28.24 and CBA up 1.1 per cent to $97.14.
The heavyweight mining sector was up 1.6 per cent, with BHP rising 2.0 per cent to $43.82, Fortescue Metals climbing 1.6 per cent to $21.14 and Rio Tinto adding 1.7 per cent to $115.96.
Mincor Resources had soared 41.4 per cent to $1.47 after Andrew Forrest's Wyloo Group offered for the nickel miner a $760 million, or $1.40 per share. Wyloo already owns nearly 20 per cent of the company.
Junior explorer Galileo Mining had soared 45.4 per cent to 78.5c after announcing promising assays from drilling at its Callisto palladium-nickel discovery, at its Norseman project in WA.
The rally was on track to be the ASX's second-best day of the year, behind a 1.6 per cent gain on January 4. But given the string of losses over the past week and a half, few cheers are likely.
The Australian dollar was buying 66.99 US cents, from 66.74 US cents at Monday's ASX close.
