The share market is higher as miners benefit from a surprise cut to interest rates in China.

Phillip Capital senior client adviser Michael Heffernan said the absence of any adverse events on overseas markets, a cut to interest rates by the People’s Bank of China and the prospect of another interest rate cut in Australia had buoyed investors.

“It’s the big bazooka carrying the market at the moment,” Mr Heffernan said.

“If you’ve got resources and the banks going up, that’s got to be real powerful ammunition for the market.”

The banks may be benefiting from expectations the Reserve Bank will cut the cash rate again when it meets on Tuesday, he said.

The surprise rate cut in China on the weekend was also seen as a positive for miners exporting commodities to the country.

“If it bolsters the Chinese economy, that’s got to be positive for the resources sector,” Mr Heffernan said.

BHP Billiton was up 46 cents at $34.11, Rio Tinto had added $1.00 to $65.41 and Fortescue Metals was steady at $2.49.

Among the major banks, Commonwealth Bank had lifted 79 cents to $92.71, National Australia Bank had gained 41 cents to $38.41, ANZ was up 37 cents at $35.71 and Westpac was 35 cents higher at $38.35.

Department store Myer had plunged 20.5 cents, or 11.05 per cent, to $1.65 after the shock departure of chief executive Bernie Brookes.

Chemicals and explosives maker Orica was up 81.5 cents at $20.635 as it announced a buyback of more than $400 million of its own shares.

The supermarket giants were among the worst performers, with Woolworths down 99.5 cents at $29.715 and Coles owner Wesfarmers 25 cents weaker at $43.60.

KEY FACTS

* At 1207 AEDT on Monday, the benchmark S&P/ASX200 index was up 41 points, or 0.69 per cent, at 5,969.8 points.

* The broader All Ordinaries index was up 37.7 points, or 0.64 per cent, at 5,936.2 points.

* The March share price index futures contract was 39 points higher at 5,953 points, with 11,227 contracts traded.

* National turnover was 748 million securities worth $1.7 billion.