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Aussie shares followed a strong lead from Wall Street Friday morning to be 1.2% higher by midday. While gains were broad-based commodity and financial stocks led the rally.

Global markets moved higher on the back of positive data out of the US and China, as well as reassuring comments from European officials regarding the health of the global economy.

At noon, the All Ords put on 53.0 to 4,501.4, while the ASX/200 added 55.3 to 4,490.6. Around 880 million shares worth around $2.1 billion had changed hands.

Westpac and CBA rose 2.3% and 1.8% to $23.15 and $52.29 as the Banks and Financials sector put on 1.3%.

NAB and ANZ were up a more modest 1.2% each.

The Reserve Bank of Australia revealed in a report that banking fees and charges to business customers increased 9% in 2009. In the same report it said retail banking fees grew 3%.

Macquarie gained 89c, or 2.1% to $43.92, while Suncorp-Metway was the best of the insurers, adding 2.6% to $8.38.

AXA Asia-Pacific bucked the trend, losing 9c to $5.67.

Stocks were flat to higher in a Property Trusts sector which advanced 0.5%.

Goodman Group gained 1.5c to 67c as it teamed up with CB Richard Ellis Realty Trust invest in logistics development opportunities.

Stockland gained 7c to $3.97, while Westfield was flat as it prepares to launch the country’s first virtual shopping center.

Rumours of some type of compromise in regards to the proposed Resource Super Profits Tax appear to have been hosed down by both sides of the argument this morning, however the Materials and Resources sector still managed to add 1.7%.

BHP added the most points to the broader indices, jumping 79c, or 2.1% to $38.41.

Rio Tinto rose 93c to $68.80, while Fortescue rallied 3.5% to $4.10 after a mixed session for base metals in London.

Steelmakers Bluescope and Onesteel added 3c and 2c to $2.26 and $3.01 despite reports their margins will be placed under pressure from rising iron ore and coking coal prices.

Three brokers maintained their ‘buy’ or ‘outperform’ recommendations on Bluescope in reports this morning.

Gold majors Newcrest and Lihir were relatively unchanged as the price of the precious metal continued to fall off its all-time highs of two-days ago.

Woodside and Santos rallied 3% and 2.8% to $45.21 and $13.45 respectively after crude rose to a four-week high in New York.

Santos is reportedly in talks with Chinese energy group Sinopec over the potential sale of a 9% stake in Queensland's Gladstone liquefied natural gas project.

The Energy sector gained 1.8%.

Coal miners Aquila and Centennial jumped 4.3% and 4%.

The Industrials sector was led 1% higher by gains of 3.2% and 2.6% from MAp and Leighton. They were trading at $2.90 and $31.69 respectively.

Virgin Blue put on 0.5c to 31.5c, while Air New Zealand shed 1c to 92.5c as Tiger Airways called for regulators to prevent the proposed joint venture between the two airlines.

Of the sub-sectors media companies were the best performers within a Consumer Discretionary sector that rose 1%.

Newscorp and Fairfax added 1.3% and 1.4%, while APN News & Media rallied 6c, or 2.7% to $2.26.

Online bookings company Wotif.com surged 4.8% to $5.47.

Consumer Staples advanced 0.5% on the back of similar gains from blue chips Wesfarmers and Woolworths.

Telstra edged 1c lower to $3.17 as the Telecommunications sector retreated 0.2% to be the only sector below the gain line.

Around the region, the Nikkei 225 rallied 220.3 to 9,763.0, while the NZSE50 gained 28.9 to 3,031.2. The Straits Times Index advanced 19.7 to 2,799.3.

Spot gold was trading at US$1,218.80 per ounce, while the Aussie was buying US$0.8473.

Goodman to build assets in Europe
Goodman Group said it has established two new “co-investment vehicles” with CB Richard Ellis Realty Trust (CBRE) in both the UK and Europe. Goodman Group said the vehicles would invest in logistics development opportunities, however on just an 80/20 split, mostly held by CBRE.

At midday, Goodman shares were trading up 0.5c at 66c.

Amcor receives US approval for acquisition
Amcor said it has received approval from the US Department of Justice to acquire Alcan’s Medical Flexibles operations from Rio Tinto Limited (RIO) as part of the Alcan Packaging acquisition. The company said the acquisition consists of four plants in North America for US$66 million, and approval is conditional on divesting one of the plants, which is located in North Carolina.

Half way through the day, Amcor shares were up 16c to $6.36.

AVJennings to sell contract building division
AVJennings said it has entered into a conditional contract to sell its contract building division to the Japanese listed company, Sekisui House Limited. The Australian residential development company said the arrangement would also see the two companies form an alliance around land and the use of the AVJennings brand, ownership of which would remain with AVJennings Limited.

By noon, AVJennings shares were up 3c to 44c.

Neptune soars on positive outlook
Neptune Marine Services shares soared by more than 33% at the start of trade Friday, after saying it had been a strong second half of the year for the company. Looking ahead, the company said it was now expecting a return to growth from FY11 onwards.

At midday, Neptune shares were trading up 2.5c at 20c per share.

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