The Australian share market is trading more than one per cent higher, led by gains in bank stocks.

The market is trading higher despite ongoing concerns about negotiations between Greece and its euro zone creditors that could see the country default on its debts.

IG market strategist Stan Shamu said the local market was being led higher by the big four banks.

He said the banks, which are trading at more attractive levels following a recent sell off were appealing to investors ahead of the end of the financial year.

“Generally investors tend to get rid of underperforming stocks near the end of the financial year for tax reasons and buy better performing stocks,” he said.

The Commonwealth Bank was up $1 to $84.21, while ANZ rose 28 cents to $32.65, National Australia Bank jumped 41 cents to $33.54 and Westpac lifted 29 cents to $32.77.

In the resources sector, global miner BHP Billiton was 40 cents higher at $28.37, Rio Tinto strengthened 45 cents to $55.40, and Fortescue Metals rose 5.5 cents to $2.18.

Meanwhile, News Corp Australia chief executive Julian Clarke announced he will step down at the end of the year, after just two years in the role.

The company’s chief operating officer Peter Tonagh has been appointed to replace Mr Clarke, while APN News and Media Chief executive Michael Miller is joining News Corp Australia as executive chairman.

News Corp Australia shares were up 36 cents at $18.20, while APN stocks gained one cent to 78 cents.

KEY FACTS

* On Friday at 1200 AEST, the benchmark S&P/ASX200 index was up 72.5 points, or 1.31 per cent, to 5,597.4 points.

* The broader All Ordinaries index was up 69.2 points, or 1.25 per cent, to 5,591.9 points.

* The September share price index futures contract was 72 points higher at 5,538 points, with 18,560 contracts traded.

* National turnover was 856 million securities worth $2.24 billion.