The Australian market edged higher at noon led by the four major banks as investors continued to chase high yielding stocks.
RBS Morgans Brisbane private client adviser Craig Walker said the Australian market was higher at noon as investors had been buoyed by expectations that debt-ridden Cyprus would receive a bailout from the European Central Bank.
“We’re going strong with gains across the board,” he said.
“The banks are the main contributor. People are hunting for yield.”
The four major banks were all in positive territory at noon.
ANZ added 38 cents to $28.93, National Australia Bank gained 32.5 cents to $30.955, Westpac jumped 43 cents to $30.93 and Commonwealth Bank surged 79 cents to $69.42.
Westfield Group shares were up 27.5 cents to $11.035 after it announced it had entered into a joint venture investment with O’Connor Capital Partners for six shopping centres in the Florida in the United States.
Leighton shares also lifted $1.00 to $21.20 after the construction giant appointed Bob Humphris as its new chairman.
Outgoing chairman Stephen Johns stepped down and left the company on Friday, along with directors Wayne Osborn and Ian Macfarlane, a former Reserve Bank of Australia governor, after a breakdown in relations with Leighton’s major shareholder Hochtief.
Shares in toy distributor Funtastic jumped 0.5 cents to 24 cents after it announced a 68 per cent jump in first half profit.
KEY FACTS
* At 1205 AEDT on Monday, the benchmark S&P/ASX200 index was up 39.1 points, or 0.79 per cent, at 5,006.4 points.
* The broader All Ordinaries index was up 36.6 points, or 0.73 per cent, at 5,017.4 points.
* The June share price index futures contract was up 45 points at 5,014 points, with 16,375 contracts traded.
* National turnover was 659.6 million securities worth $1.16 billion.
