Talk about some action today on the Australian stock market - the benchmark All Ordinaries is up close to three per cent in the afternoon, with large cap. resource stocks leading the charge.
There has been some major bottom fishing of rare earth play Lynas Corporation (ASX: LYC) which has rallied 9.1% to $1.20.
Not to be outdone, investors in droves are ploughing back into Fortescue Metals Group (ASX: FMG) which has jumped 7.8% to $4.58, with PanAust (ASX: PNA) climbing 7.7% to $3.06.
Joining the north bound change is Alumina (ASX: AWC) which has spiked 6.3% to $1.44, with stocks adding more than five per cent including mineral sands focused Iluka Resources (ASX: ILU) $15.97, OZ Minerals (ASX: OZL) $11.36 and Rio Tinto (ASX: RIO) $65.70.
Rallying by over four per cent include Atlas Iron (ASX: AGO) $3.19, Aurora Oil & Gas (ASX: AUT) $2.90 and Paladin Energy (ASX: PDN) $1.62.
Adding more than three per cent are Woodside Petroleum (ASX: WPL) $34.46, Aston Resources (ASX: AZT) $10.51, BHP Billiton (ASX: BHP) $36.83, Santos (ASX: STO) $12.49 and Eastern Star Gas (ASX: ESG) $0.86.
There are also some smiles at Oil Search (ASX: OSH) which has traded up 2.6% to $6.03, with Whitehaven Coal (ASX: WHC) 1.9% stronger at $5.83 and Medusa Mining (ASX: MML) up slightly to $6.84.
That leaves just two companies in the top 20 which are in the red, Macarthur Coal (ASX: MCC) $32.28 and Newcrest Mining (ASX: NCM) $16.21 - although it must be noted they have only eased very slightly.