After several sessions treading water, the local share market surged higher Wednesday morning, more than doubling the gains on Wall Street that prompted the buying. All sectors posted strong gains with the heavyweights across the market being snapped up by investors.

At lunch, the All Ords rose 53.5 to 4,724.6, while the ASX/200 rallied 52.7 to 4,716.4. Over 1.2 billion shares, or $1.9 billion had changed hands.

The Banks and Financials sector climbed 0.9%, with the big four banks all in positive territory.

CBA climbed 1.4%, NAB rose 1.2% and Westpac rallied 0.8%. ANZ tacked on 0.2%.

Macquarie Group added another 3% as the bank surged to above $56 per share.

Among the insurers, QBE rose 0.7%, while IAG and AMP added 1.1%.

Property Trusts were mostly above the line, with Mirvac and GPT rising 2.1% and 1.4% respectively.

Westfield added 0.4%, helping the sector to rise 0.7%.

Valad Property Group was matching out 3.1% lower, as it sits in a trading halt following the announcement of a $60 million capital raising.

BHP Billiton and Rio Tinto rose 1% and 1.8% respectively.

The broader Materials and Resources sector was 1.4% above the line.

Sims Group, Bluescope and Onesteel all added between 2% and 2.5%.

Gold miners Newcrest and Lihir continue to benefit from sustained high gold prices, spiking 1.9% and 3%.

Fortescue tacked on 0.9%, while Macarthur Coal retreated 2.4%.

Energy stocks rebounded with Woodside trading 3.7% above the line. The sector was 2.3% higher.

Oil Search and Origin rose 2.7% and 2.3% respectively. Karoon Gas slumped 3% to $10.31 per share, a far cry from the 20c per share listing price in June 2004.

The Industrials sector was up 1%. Brambles and Toll were up 1.4% each, while Asciano climbed 0.9%.

UGL dipped 1.4%. Leightons shed 0.2%.

Consumer Discretionary stocks were lead 1.3% higher with gains from gaming and retail stocks.

JB Hi-Fi soared 3.5% to set all-time highs for the stock. David Jones put on 1.6% ahead of earnings results tomorrow.

Premier Investments added 4.8%.

Crown, Tabcorp and Aristocrat put on 1.3%, 1.1% and 6.1% respectively.

Consumer Staples were stronger with the exception of Metcash which dipped 0.9%. The sector rose 1%.

Wesfarmers and Woolworths were trading 1.4% and 1% above the gain line.

Telstra was 0.3% higher, helping the Telecommunications sector to rise the same amount.

Healthcare was flat after heavyweight CSL shed 0.4%.

Around the region, the Nikkei 225 was closed, the Straits Times Index lost 0.6 to 2,685.1 and the NZSE50 rose 10.1 to be at 3,153.0.

Spot gold was trading at US$1015.40 per ounce and the Aussie was buying US$0.8758.

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Valad sets out to raise $60m
Valad Property Group said that it would seek to raise around $59.5m through a fully underwritten equity raising. Valad said that $56.5 million of that would be used to settle the Scarborough Vendors Group deferred liability of 29.5 million GBP.

Valad shares were halted at 16c.

AWB to raise $459m, refinance debt facilities
AWB announced it would tap the market for $459m through a fully underwritten equity raising aimed at transforming the company’s balance sheet. The company also announced it had reached an agreement with its core banks to refinance $575 million in corporate debt facilities.

AWB shares were halted at $1.445.

Men rescued following power outage
Perilya confirmed that two employees were stuck in cage operated by a winder at the Perilya mine yesterday following a power outage. The company confirmed the power was likely to be down for another six days, however this would not impact market guidance for the September quarter.

At noon, Perilya shares were up 1c to 53c.