THE share market was higher at noon as resource companies underpin the local bourse.
At 12.15pm (AEST), the benchmark S&P/ASX200 index was up 26.6 points, or 0.59 per cent, at 4568.7 points, while the broader All Ordinaries index had risen 26.9 points, or 0.59 per cent, to 4586.6 points.
On the Sydney Futures Exchange, the September share price index contract was 18 points higher at 4537 points, with 11,052 contracts traded.
The market opened about 0.75 per cent higher, and held on to most of the gains in morning trade.
RBS Morgans Brisbane director of equities Bill Chatterton said the local market was performing solidly, despite the underperformance of the banks.
"It is basically across the board, with the only sector that is not joining in that is the finance sector," Mr Chatterton said from Brisbane.
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"The four major banks have not gone on with it.
"BHP and Rio are obviously a bit better, while across the board the materials sector is performing a bit better."
BHP Billiton was up 31c, or 0.76 per cent, at $40.99 by 12.11pm, while Rio Tinto was up 73c, or 1 per cent, at $73.57.
The major banks were mixed.
ANZ had risen 11c to $23.25, CBA was up 4c at $52.99, NAB was 4c lower at $24.96 and Westpac was up 3c at $23.88.
The best performer on the S&P/ASX100 was Paladin Energy, which was up 4.97 per cent, or 19c, at $4.01.
In the news today, global media giant News Corporation has reported net profit of $US2.5 billion ($2.74 billion) for 2009/10, helped by blockbuster hit movie Avatar, and says the company is well positioned for growth.
It is a turnaround from the net loss of $US3.4 billion ($3.72 billion) in the prior year, which included $US9.2 billion in pre-tax impairment and other charges.
At 12.20pm, shares in News Corp were up 68c, or 4.06 per cent at $17.43, while the company's non-voting shares were up 62c at $15.61.
"That is pretty encouraging result," Mr Chatterton said.
"News is a barometer of world activity, particularly in the United States."
Mr Chatterton said he expected the local market to end today slightly stronger.
"It could finish up 30-35 (index) points," he said.
Also today, Tabcorp Holdings Ltd reported a 10 per cent fall in full year net profit due to weak gaming market conditions in Victoria and Queensland.
Tabcorp reported net profit of $469.5 million for the year to June 30, down from $521.7 million in the previous corresponding period.
Shares in the gaming company were down 14c, or 2.03 per cent, at $6.77.
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