The share market is higher as solid gains by the banks offsets falls among the big miners.

After slight gains in early trade the market rose steadily throughout the morning, led by the financial sector.

Commonwealth Bank was almost two per cent higher and its three rivals had each added around 1.5 per cent.

Rio Tinto was down about 1.3 per cent and BHP Billiton was almost one per cent weaker, while gold miner Newcrest had given back almost two per cent, amid weaker commodity prices.

Telco M2 Group was up more than 15 per cent as it struck a merger deal with rival Vocus Communications.

KEY FACTS

* At 1200 AEST on Monday, the benchmark S&P/ASX200 index was up 46 points, or 0.91 per cent, at 5,088.1 points.

* The broader All Ordinaries index was up 43.4 points, or 0.85 per cent, at 5,120.1 points.

* The December share price index futures contract was up 41 points at 5,073 points, with 16,325 contracts traded.

* National turnover was 758 million securities worth $1.5 billion.