The share market is more than one per cent higher as banking and resource stocks are boosted by a sustained rise in commodity prices.

Rio Tinto, BHP Billiton and energy giant Woodside Petroleum are more than three per cent higher as iron ore and oil prices continue to rise.

Those price gains are also driving a lift in the financial sector, which recently endured a sell-off because of concerns about the big banks’ exposures to the mining and energy sectors.

Each of the big four banks were between one and two per cent higher.

The market enjoyed a strong morning of trade after positive sessions on overseas markets overnight.

KEY FACTS:

* At 1200 AEST, the benchmark S&P/ASX200 index was up 55.6 points, or 1.12 per cent, at 5,031.2 points.

* The broader All Ordinaries index was up 54.6 points, or 1.08 per cent, at 5,108.3 points.

* The June share price index futures contract was up 61 points at 5,012 points, with 15,796 contracts traded.

* National turnover was 1.02 billion securities traded, worth $1.41 billion.