THE share market was higher at noon today, led by resources stocks and the major banks.
At 12pm AEDT, the benchmark S&P/ASX200 index had risen 29.7 points, or 0.63 per cent to 4769.0 points, and the broader All Ordinaries index had added 27.5 points, or 0.58 per cent, to 4783.7.
Copper and oil prices rose overnight as the US dollar weakened for the first time this week and crude oil inventories in the US fell.
CMC Markets market analyst David Taylor said the local bourse was travelling reasonably well.
"Gold and oil rose on the back of the pull-back in the US dollar. Copper and lead had pretty good sessions overnight," he said.
"So we've got resources stocks leading the market higher."
Mr Taylor said it was the standard pre-Christmas trading environment, with low volumes and very little activity.
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He said the market had been reasonably buoyant and stable over the last few weeks, providing hope that there would be a new rally in the New Year.
In the resources sector, global miner BHP Billiton lifted 59 cents to $42.51, and rival Rio Tinto was up 11 cents at $73.39.
Oil and gas producer Woodside Petroleum eased three cents to $47.33, and Santos retreated 12 cents to $13.91.
Among the major banks, National Australia Bank added 12 cents to $26.49, Westpac put on 51 cents to $25.19, ANZ rose 37 cents to $22.08, and Commonwealth Bank advanced 49 cents to $53.49.
On Wall Street overnight, the Dow Jones Industrial Average index nudged up 1.51 points, or 0.01 per cent, to 10,466.44 as an unexpected drop in sales of new homes last month cast doubt on the state of an economic recovery in the US.
The Standard & Poor's 500 index gained 2.57 points to 1120.59, while the Nasdaq composite index rose 16.97 points to 2269.64.
Resources lead shares higherHousehold wealth rises but still far below peak
