The share market is more than one per cent higher as the major banks stage a powerful rally.
After a gain of 2.5 per cent on Wall Street overnight, due partly to stability on China’s market, local investors have pushed the Australian market higher in morning trade.
All four big banks were up more than 2.5 per cent, while Macquarie Group was also 2.5 per cent higher. The big insurers were all around two per cent stronger.
Telstra was another stock to rise, adding 1.4 per cent, but the miners were mixed, with BHP Billiton down 1.6 per cent and Rio Tinto up 1.8 per cent.
KEY FACTS
* At 1210 AEST on Wednesday, the benchmark S&P/ASX200 index was up 72.3 points, or 1.41 per cent, at 5,187.5 points.
* The broader All Ordinaries index was up 69.8 points, or 1.36 per cent, at 5,203.3 points.
* September share price index futures contract was up 89 points at 5,189 points, with 22,075 contracts traded.
* National turnover was 1.05 billion securities worth $2.96 billion.
