The local share market is well supported today, thanks to a strong offshore lead and firmer commodity prices, coupled with a relief rally on hopes the worst of the Queensland flooding has passed.

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Mining stocks are leading the way, with shares in BHP Billiton (BHP) up 1.7pct to $45.97 while Rio Tinto (RIO) has increased by 2.2pct to $87.09.

Santos (STO) has today confirmed that its US$16 billion liquefied natural gas project in Gladstone is getting the go ahead. STO shares were in a halt this morning but are currently up 2.1pct to $13.44.

Insurance stocks are also rebounding today, with shares in IAG (IAG) up 1.3pct to $3.79. The insurer says it has received 2400 claims from the Queensland floods, but it can’t yet assess the damages bill.

The Australian dollar is buying US99.43c, £0.6313 and €75.72c.

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