News from AAP

Market higher with banks and energy strong

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The share market is higher, led upwards by the big banks and miners.

At noon (AEST), the energy sector was up by 2.8 per cent despite falls by energy giant Woodside Petroleum which has put forward an $11.6 billion merger offer with PNG-focused Oil Search.

Investors responded by sending Oil Search shares up by 13 per cent, and Woodside shares down by four per cent.

Investors got no guidance from Wall Street overnight, with US markets closed for the Labor Day public holiday, but will keep a keen eye on Australia’s latest unemployment print on Thursday.

KEY FACTS

* At 1200 AEST on Tuesday, the benchmark S&P/ASX200 index was up 49.5 points, or 0.98 per cent, at 5079.9 points.

* The broader All Ordinaries index was up 49.1 points, or 0.97 per cent, at 5,100.1 points.

* September share price index futures contract was 41 points higher at 5,063 points, with 13,089 contracts traded.

* National turnover was 801 million securities worth $1.7 billion.