The share market is on track to break a five day slump as higher copper and oil prices boost the resources sector.

All sectors of the market were higher at noon, with the strongest gains made by energy and mining stocks, pushing the market more than one per cent higher.

“This highlights the bounce back in the crude oil price and the copper price over the weekend,” OptionsXpress market analyst Ben Le Brun said.

Adding to the positive sentiment was investment bank Macquarie Group’s upgrade of its full year profit guidance.

“Macquarie is saying the Aussie dollar falls are doing well for its profitability,” Mr Le Brun said.

“I suspect there’s potential for other companies with offshore exposure to follow in a similar vein in lead up to earnings season.”

Macquarie Group shares were up $2.82, or 5.1 per cent, at $58.11, and insurer QBE, which has large overseas operations, was up 33 cents at $10.71.

In the energy sector, Woodside Petroleum was up 52 cents at $34.68, Oil Search had added 33 cents to $7.47 and Santos was 15 cents stronger at $7.64.

BHP Billiton was up $1.20 at $28.25, Rio Tinto had added $1.17 to $55.06 and Fortescue Metals was nine cents higher at $2.40.

The major banks were also higher, with ANZ up 27 cents at $31.53, National Australia Bank up 31 cents at $33.68, Westpac up 30 cents at $33.06 and Commonwealth Bank 39 cents higher at $83.96.

KEY FACTS

* At 1200 AEDT on Monday, the benchmark S&P/ASX200 index was up 65 points, or 1.23 per cent, at 5,364.2 points.

* The broader All Ordinaries index was up 62.2 points, or 1.18 per cent, at 5,341 points.

* The March share price index futures contract was 85 points higher at 5,316 points, with 13,713 contracts traded.

* National turnover was 444 million securities worth $1.2 billion.