Top Essex Official Leading Effort To Shut Meadowlands Arena

THE Australian stock market rallied this morning after the Reserve Bank of Australia said the local economy remained robust in the face of deteriorating global conditions.

The banking sector bounced back from yesterday's sell-off and the resource sector dragged the local bourse higher following stronger commodity prices.

At 10.19 AEDT, the benchmark S&P/ASX200 index was up 72 points, or 1.3 per cent, to 5630.4 while the broader All Ordinaries index had risen 68.3 points, or 1.21 per cent, to 5702.3.

On the Sydney Futures Exchange, the March share price index futures contract was 30 points higher at 5608 on a volume of 5,042 contracts.

In the resources sector, BHP Billiton gained $1.03, or 2.64 per cent, to $38.87 by 1024 AEDT and Rio Tinto had swelled $3.58, or 2.67 per cent, to $137.58. read more