THE stock market had gained ground at noon after positive Australian employment figures with the resource sector leading the charge.
At 12.09pm AEST, the benchmark S&P/ASX200 index was 57.3 points higher, by 1.25 per cent, at 4630.3 points, while the broader All Ordinaries index was up 57.4 points, or 1.25 per cent, at 4657.1 points.
By 12.10pm AEST the Sydney Futures Exchange, the June share price index futures contract was 57 points higher at 4640 points, on volume of 16,894 contracts.
CommSec market analyst Juliette Saly said news that Spain planned to cut its deficit and local employment figures had supported the market.
Australia's unemployment rate was a seasonally adjusted 5.4 per cent in April, compared with an upwardly revised 5.4 per cent in March, the Australian Bureau of Statistics said today.
Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
"We have just had some positive employment figures which have lifted the market even higher," she said.
"Spain's plans to cut its deficit (also) got our market off to a positive start," Ms Saly said.
Every sector was firmly in the black with particular gains in energy and materials, she said.
Commonwealth Bank was the weakest of the big four banks afteryesterday afternoon reports that major lenders could be facing class actions over excessive charges.
At 12.15pm AEST, Commonwealth was up 23 cents, or 0.42 per cent at $54.53, Westpac was up 39 cents, or 1.57 per cent, at $25.25, NAB had lifted 36 cents, or 1.41 per cent to $25.83, and ANZ increased 38 cents, or 1.67 per cent, to $23.12.
Stocks open higher on positive newsDow builds on its gains
