Stocks up strongly at noon

The Australian stock market jumped over one per cent at noon following strong Wall Street leads and after Labor's leadership change.

At 1215 AEST, the benchmark S&P/ASX200 index lifted 1.39 per cent to 4,797.6 points, while the broader All Ordinaries index gained 1.35 per cent to 4,771.4 points.

The US Commerce Department slashed its estimate for first-quarter growth from 2.4 per cent to 1.8 per cent and, locally, Kevin Rudd won back the Labor leadership from Prime Minister Julia Gillard in a caucus vote last night.

Resources stocks were mixed, with the major miners each in the red.

Rio Tinto shed 1.25 per cent to $51.25, while BHP Billiton decreased 1.04 per cent to $31.29.

Fortescue Metals grew 1.32 per cent to $3.07.

Whitehaven Coal jumped 4. 38 per cent to $2.265, while Newcrest leapt 7.52 per cent lower to $10.01. 

In the energy sector, Santos declined 0.24 per cent to $12.36, Oil Search edged down 0.26 per cent to $7.71 and Woodside climbed 1.37 per cent to $34.78.

Financials were higher, with the big four banks outstripping the broader market gains. 

Commonwealth Bank inclined 1.49 per cent $68.29, while ANZ Banking Group rose 2.19 per cent to $28.45.

National Australia Bank grew 1.54 per cent to $29.68, while Westpac Banking Corporation expanded 1.77 per cent to $28.74.

Investment bank Macquarie Group rallied 1.08 per cent to $42.19.

The retail sector was mixed.

Wesfarmers added 2.7 per cent to $39.61 while Woolworths rose 2.46 per cent to $32.88.

Myer rallied 5.75 per cent at $2.39 while rival David Jones expanded 4.18 per cent to $2.615.

Harvey Norman lifted 4.82 per cent to $2.61, while JB Hi-Fi added 4.42 per cent to $16.55.

In media, Fairfax Media was flat at 48 cents, while rival News Corp lost 2.66 per cent to $31.28.

Ten Network was unchanged at 27.5 cents.

Southern Cross Media increased 0.34 per cent to $1.455, while Seven West advanced 4.3 per cent to $1.94.

Meanwhile, blue chip Telstra rose 2.04 per cent to $4.745, while Qantas put on 4.84 per cent to $1.3525.

In economic news on Thursday, the Australian Bureau of Statistics released job vacancy figures for the three months to May, which showed total job vacancies fell by 7.3 per cent.

Blackham Resources managing director Bryan Dixon speaking at WA Mining Club luncheon.

No major equities news is expected.

In Australia, the market on Wednesday surged as investors piled back into resources and banking stocks.

The benchmark