The Australian share market is trading higher at lunchtime, driven by financial companies following strong gains on international markets.
The benchmark S&P/ASX 200 index is up 0.9 per cent after the US market ended Friday’s session in strong territory following the Bank of Japan’s surprise move to negative interest rates.
Microsoft led a strong rally in technology shares in the US. The Dow Jones Industrial Average and Nasdaq ended the session 2.5 per cent higher.
At 1200 AEDT Monday, three of the nation’s four biggest banks were in positive territory, with ANZ up 42 cents at $24.60. National Australia Bank rose 23 cents to $27.89, while Westpac rose five cents to $30.90.
Bucking the trend was the Commonwealth Bank of Australia, with its shares down 15 cents to $78.53.
Shares in investment bank Macquarie Group were up 46 cents at $72.04.
Argo Investments shares rose 13 cents to $7.69 after the investment company posted a 8.9 per cent rise in first-half net profit, driven by higher dividends and increased market volatility.
Oil giant Woodside Petroleum shares rose nine cents to $28.04.
However, Rio Tinto fell 8 cents to $39.05 while BHP Billiton lost 15 cents to $15.20.
KEY FACTS:
* At 1208 AEDT on Monday, the benchmark S&P/ASX200 index was up 46.6 points, or 0.9 per cent, at 5052.1 points.
* The broader All Ordinaries index was up 44.9 points, or 0.9 per cent, at 5101.5 points.
* The March share price index futures contract was up 38 points at 5,004 points, with 22,492 contracts traded.
* National turnover was 848.2 million securities traded worth $1.51 billion.
