The Australian share market has rebounded from yesterday's sell-off, thanks to a positive lead from Wall Street and generally firmer commodity prices.

Financial stocks are performing well, with shares in Westpac (WBC) up 1pct to $22.86 at lunchtime. In New York, shares in CitiGroup soared following solid earnings results.

Index leader BHP Billiton (BHP) has gained 0.4pct to $41.34 on the back of firmer commodity prices, and after being sold off heavily yesterday. Rio Tinto (RIO) shares are still under pressure, down 0.3pct to $82.73 as investors continue to react to news BHP-RIO's joint venture in the Pilbara is off. Iron ore miner Fortescue Metals Group (FMG) has gained 2.2pct to $6.45.

Energy stocks are firmer, with the sector up 0.5pct on the back of a higher oil price. The Nymex contract gained 2.3pct to US$83.08 a barrel during New York trade.

Hearing implant maker Cochlear (COH) has indicated its 2011 outlook is more positive, COH shares up 0.2pct at lunchtime to $68.91.

The Australian dollar is worth US99.15c, £0.6235 and €71.05c.