The Australian sharemarket is almost one per cent higher at noon as investors focus on positive news in Asia.
At 1205 AEDT on Monday, the benchmark S&P/ASX200 index was up 43.6 points, or 0.86 per cent, at 5,061.7 points, while the broader All Ordinaries index was also up 42.6 points, or 0.85 per cent, to 5,078.3 points.
On the ASX 24, the March share price index futures contract was up 51 points at 5,044 points, with 9,196 contracts traded.
Options Xpress market analyst Ben Le Brun said the local bourse surged ahead in morning trade as traders focused on positive sentiment, globally and domestically.
“There would have to be some doubts and fears about the Italian election as it stands at the moment, but it certainly doesn’t appear that we’re focusing on that in the Asian region,” Mr Le Brun said.
“We just seem to have ridden along on the coat tails of good sentiment in the Asian region.”
Tokyo stocks opened 1.57 per cent higher on Monday after reports said Japan is set to nominate Asian Development Bank president Haruhiko Kuroda as the next Bank of Japan governor.
Chinese manufacturing data is due to be released during the afternoon session.
US stocks closed higher on Friday on renewed confidence that the US Federal Reserve stimulus program will continue.
Locally, Ten Network shares rose two cents, or 6.8 per cent, to 32 cents two days after it sacked chief executive James Warburton and replaced him with News Corporation executive Hamish McLennan.
Caltex Australia shares also rose, up 39 cents, or 2.14 per cent, to $18.63, after it announced it was back in the black with a net profit of $149 million for the year to December 31.
But Patties Foods shares were down 10.5 per cent to $1.59 after the pie maker posted a 16.5 per cent fall in first half profits due to its margins being impacted by increased competition.
All four major banks were higher.
Westpac was up 44 cents to $30.31; ANZ added 33 cents to $28.48; National Australia Bank gained 31 cents to $30.14; and Commonwealth Bank surged 50 cents to $66.05.
National turnover was 747 million securities worth $1.6 billion with 496 up, 299 down and 302 unchanged.
