At 12.07am (AEST), the benchmark S&P/ASX200 was up 28.5 points, or 0.58 per cent, at 4952, while the broader All Ordinaries had risen 22.3 points, or 0.45 per cent, to 4,980 after shrugging off a second straight day of losses on Wall Street.
The December share price index futures contract was down 15 points at 4995 on a volume of 16,219 contracts.
CommSec market analyst Juliette Saly said news that US tycoon Warren Buffet's Berkshire Hathaway had agreed to buy $US5 billion ($5.93 billion) of stock in Goldman Sachs had prompted the positive opening.
"The market is thinking 'if Warren Buffet thinks now is the time to buy, it's good enough for us as well'," Ms Saly said.
"Generally, we're seeing some good buying across the financial sector, up 1.5 per cent.
"We are for once ignoring overseas losses.
"There is some very good buying, with stand-outs including Woolworths, Telstra, QBE Insurance and Macquarie Group.
At 12.08pm (AEST), Woolworths was up 56 cents, or 2.07 per cent, to $27.57, Telstra was six cents stronger at $4.24, QBE had added 83 cents, or 3.09 per cent, to $27.73 and Macquarie Group was up $1.90, or 5.26 per cent, to $38.000.
Oil, gold and base metals prices were lower overnight.
Mining giant BHP Billiton was down 57 cents, or 1.5 per cent, to $37.33 at 12.09am (AEST), while its takeover target Rio Tinto had shed $2.90, or 2.68 per cent, to $105.34.
BHP Billiton lost an appeal in the High Court of Australia today that leaves smaller iron ore producers such as Fortescue closer to getting access to its Mt Newman and Goldsworthy railway lines in Western Australia's Pilbara region.
At 12.22pm AEST, Commonwealth Bank was up 34 cents at $44.56, National Australia Bank gained 85 cents, or 3.56 per cent, to $24.71, ANZ found 41 cents, or 2.27 per cent, to $18.45 and Westpac advanced 19 cents, or 0.78 per cent, to $24.69.
In the media sector Fairfax added five cents, or 1.75 per cent, to $2.90, Consolidated Media dipped four cents, or 1.45 per cent, to $2.71, News Corp (the parent company of the publisher of NEWS.com.au) advanced 40 cents, or 2.53 per cent, to $16.18 and its non-voting scrip was 46 cents, or 2.97 per cent, higher at $15.97.
At 12.26pm AEST, the most traded stock by volume was miner Admiralty Resources, with 26.91 million shares changing hands worth $2.26 million.
Market turnover was 564.02 million shares, valued at $2.57 billion, with 423 stocks up, 388 down and 258 unchanged.
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