THE Australian share market posted strong gains by noon with investors buying back into resources stocks after some good news out of China. China's central bank has eased fears about a credit crunch in the world's second largest economy by saying it would pump money into financial institutions if needed. That has appeased traders in Australia, where the economy is closely linked with economic growth in China, CMC Markets senior trader Tim Waterer said. "It is looking like a case of off to the races for Australian equities so far," he told AAP. It is no surprise to see the materials sector among the stronger performers today, given our close ties with the Chinese economy. The market was about 1.4 per cent higher at noon, and the materials sector was up 1.8 per cent. Resources giant BHP Billiton had gained 58 cents, or 1.9 per cent, to $31.39 and Rio Tinto was up $1.36, or 2.7 per cent, to $51.60. Newly released US home price data showing a sharp improvement from a year ago has also given locally listed building materials companies a boost. Boral was the best performer among the top 100 companies, up 21 cents, or 5.1 per cent, at $4.32, and James Hardie had added 38 cents, or 4.3 per cent, to $9.30. Among the big four banks, ANZ was up 45.5 cents up at $27.835, Commonwealth had gained 86.5 cents to $66.985, NAB had added 49 cents to $29.19 and Westpac was 47 cents higher at $28.17. Telstra was up 10 cents at $4.62. At 1225 AEST on Wednesday, the benchmark S&P/ASX200 index was up 64.9 points, or 1.39 per cent, to 4,720.9. The broader All Ordinaries index was up 63.4 points, or 1.37 per cent, to 4,696.9. The September share price index futures contract was 39 points higher at 4,683, with 21,630 contracts traded. National turnover was 775 million securities worth $1.84 billion.