Aust stocks rally at noon

Local market extends gains in morning trade on strong Wall St leads.

The Australian stock market is higher at noon following gains on Wall Street and European bourses as Alcoa kicked off the US earnings season.

The aluminium producer posted a sharp Q2 loss of $US119 million ($130.989 million) citing restructuring costs.

At 1205 AEST, the benchmark S&P/ASX200 rose 1.37% to 4,875.2 points, while the broader All Ordinaries index lifted 1.3% to 4,860 points.

In economic news, the National Australia Bank's monthly business survey for June showed business conditions at a four-year low, with business confidence edging one point higher to an index reading of zero.

Telstra Group Managing Director Enterprise and Government Paul Geason is scheduled to speak at an American Chamber of Commerce in Australia lunch in Sydney.

No major equities news is expected.

At the previous session's close the benchmark S&P/ASX200 index was down 32.2 points, or 0.67%, at 4,809.5 points, while the broader All Ordinaries index was down 28.8 points, or 0.60%, to 4,797.6 points.

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