The share market is higher as bargain hunters ignore weak offshore leads.

With Greece set to default on 6.7 billion euro in debt, global markets fell overnight, particularly in Europe.

But the local market performed well in morning trade, OptionsXPress analyst Ben LeBrun said.

“We’ve seen a few bargain hunters willing to step up to the plate at these levels, which is an encouraging sign for our market given the underperformance we’ve been putting in compared to our global peers over the last little while,” he said.

Financial stocks received a lift as Insurance Australia Group announced billionaire Warren Buffett’s Berkshire Hathaway is buying a $500 million stake.

IAG was up 29.5 cents, or 5.3 per cent, at $5.86, while Suncorp had improved 16 cents to $13.54.

The big banks were also higher despite a slow start, with Commonwealth Bank up 97 cents at $82.84, ANZ up 52 cents at $32.37, National Australia Bank up 41 cents at $32.94 and Westpac 45 cents higher at $32.17.

The miners were mixed following falls in commodity prices, with BHP Billiton edging four cents higher to $27.96, Rio Tinto dropping 44 cents to $56.85 and Fortescue Metals two cents weaker at $2.42.

Pathology and radiology provider Sonic Healthcare was 55 cents higher at $20.95 due to positive broker reports about its acquisition of Swiss medical laboratory group Medisupport in a $455 million deal.

KEY FACTS

* On Tuesday at 1200 AEST, the benchmark S&P/ASX200 index was up 25.3 points, or 0.46 per cent, at 5,564.1 points.

* The broader All Ordinaries index was up 23 points, or 0.42 per cent, at 5,564.5 points.

* The June share price index futures contract was up 20 points at 5,563 points, with 108,245 contracts traded.

* National turnover was 973 million securities worth $2.4 billion.