It's been a tough few days for investors, but the Australian sharemarket looks set to end the week on a high note with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) trading 77 points or 1.3% higher at 5,922 points.
While international equity markets rose modestly overnight, the real driver behind the market's rally today was the uplift in commodity prices overnight. Oil prices rallied to their highest levels in 2015 based on concerns regarding supply from the Middle East, while iron ore extended its gains overnight, recovering another 1.4% to trade at US$54.82 a tonne, according to data from the Metal Bulletin.
Fittingly, it is the nation's miners that are generating the greatest energy for the bourse. BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) have risen 2.8% and 2.2% respectively, while BC Iron Limited (ASX: BCI) and Mount Gibson Iron Limited (ASX: MGX) have extended their gains from yesterday, up another 14.3% and 6.2% each. Meanwhile, Fortescue Metals Group Limited (ASX: FMG) has also jumped 5.3%, giving it a gain of 15.5% over the last two days.
After having been caught in a broad sell-off recently, the nation's Big Four banks have also enjoyed a return to form today. Commonwealth Bank of Australia (ASX: CBA) is leading the majors higher, up 1.3% at $91.88, while its three rivals are also trading between 0.6% and 1% higher.
Although the gains have been widespread, there are a number of companies which are also suffering the wrath of investors. XERO FPO NZ (ASX: XRO), a cloud-based accounting software provider, together with ResMed Inc. (CHESS) (ASX: RMD), a medical device manufacturer, both released rather impressive earnings reports this morning, although neither have been well received by the market.
Indeed, both could represent excellent buying opportunties today.