RISES in financial stocks have helped propel the share market to a 15-month high at noon.
At 12:00 (AEDT), the benchmark S&P/ASX200 index was up 29.5 points, or 0.6 per cent, at 4928.9 points, while the broader All Ordinaries index had risen 25.5 points, or 0.52 per cent, to 4956 points.
On the Sydney Futures Exchange, the March share price index contract was 36 points higher at 4,920 on a volume of 7,863 contracts.
Hubb Financial senior strategist Andrew Page said it had been a good morning for the market.
"The last time we were at these levels was 15 months ago, in late September 2008, which goes to show you how much of a bounce we have had,'' Mr Page said.
"We are seeing every single sector up, except for materials, and in materials it is the gold stocks doing the most damage there.
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"It has been a day when we have seen the market re-take the past two sessions of losses, which follows a modest lead from Wall Street,'' he said.
The banks led the charge higher, with Commonwealth Bank up 74 cents to $56.18, ANZ up 26 cents to $22.38, NAB five cents stronger at $27.04, Westpac rising 36 cents to $25.41 and Macquarie Group also 36 cents higher, at $48.85.
In the US overnight, financial stocks were the best performing sector.
The miners were mostly weaker at 12:06 AEDT, with BHP Billiton down eight cents at $43.69, Fortescue Metals Group was off seven cents at $5.10 and OZ Minerals off 1.5 cents to $1.26.
Rio Tinto bucked the trend to be up 43 cents to $79.43.
Gold stocks mostly were weaker at 1211 AEDT as the spot price of gold fell after the futures price also fell in New York overnight.
Lihir fell three cents to $3.38 and Newcrest dropped 44 cents to $36.71, but Newmont was steady at $5.32.
At 12:11 AEDT, the spot price of gold in Sydney was $US1125.00 per fine ounce, down $US8.88 from yesterday's close of $US 1133.88.
"Gold was down a fraction, and that prompted a bit of profit-taking there,'' Mr Page said.
Falls in crude oil prices did not do much to dampen enthusiasm for energy stocks, however.
At 12:17 AEDT, Woodside Petroleum had risen 10 cents at $49.00 and rival Oil Search had gained four cents to $6.12.
Origin Energy rose 27 cents to $17.82 but gas giant Santos fell 11 cents to $14.33.
The media sector was mixed, with News Corp (the parent company of the owner of news.com.au) losing 12 cents to $17.84, and its non-voting scrip falling 20 cents to $15.30.
Fairfax was down 2.5 cents at $1.72 but Consolidated Media rose three cents to $3.03.
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