Offshore gains send Aust stocks soaring almost 1%

Local market extends gains at noon led by the major miners, after strong US, European sessions.

The Australian stock market extended gains to almost 1% at noon as the major miners surged ahead after investors took heart from strong gains on United States and European bourses despite the IMF downgrading its global economies' growth forecast.

At 1205 AEST, the benchmark S&P/ASX200 index rose 0.96% to 4,928.5 points, while the broader All Ordinaries index added 0.93% to 4,911.8 points.

IG analyst Evan Lucas said volumes were likely to be light again during the session.

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