The share market has turned around its early falls thanks to gains by the big four banks.

The market was about 0.45 per cent higher in early afternoon trade, as investors bought back into the banks after heavy falls in the sector in the last two sessions, sparked by ANZ’s massive capital raising.

Telstra was also higher and the resources sector was mixed, while gloves and condoms maker Ansell was one of the worst performers, dropping 20 per cent due to its forecast of lower earnings in the year ahead.

KEY FACTS

* At 1310 AEST, the benchmark S&P/ASX200 index was up 29.8 points, or 0.54 per cent, at 5,504.6 points.

* The broader All Ordinaries index was up 27.8 points, or 0.51 per cent, at 5,500.1 points.

* The September share price index futures contract was up 36 points at 5,441, with 21,035 contracts traded.

* National turnover was 921 million securities worth $2.8 billion.