The Australian share market has gained about one per cent as more buyers look to snap up value stocks following a positive lead from overseas and a rise in oil prices.
Three of the big four banks were up two per cent, with Commonwealth Bank not far behind in percentage terms, gaining more than 1.5 per cent.
Origin Energy, Santos and Woodside Petroleum all made strong gains after oil prices jumped back above $US32 a barrel overnight, while Atlas Iron gained more than seven per cent following a rise in the price of iron ore.
The positive sentiment didn’t extend as far as Rio Tinto and BHP Billiton, however, with both mining giants falling.
KEY FACTS:
* At 1200 AEDT on Monday, the benchmark S&P/ASX200 index was up 52.8 points, or 1.07 per cent, at 4,968.8 points.
* The broader All Ordinaries index was up 51.9 points, or 1.04 per cent at 5,021.5 points.
* The March share price index futures contract was up 44 points at 4,923 points, with 16,317 contracts traded.
* National turnover was 757.6 million securities traded worth $1.291 billion.
