The Australian share market has broken the 4500 level for the first time this year, led by big gains in the resource and energy sectors.

At 1201 AEDT on Monday, the benchmark S&P/ASX200 index was up 21.4 points, or 0.48 per cent, at 4,503.3 points, its highest level since late July 2011.

The broader All Ordinaries index had risen 20.5 points, or 0.46 per cent, to 4,522.5 points, its highest point since August 2011.

On the ASX 24, the December share price index futures contract was 26 points higher at 4,505 points, with 11,253 contracts traded.

IG Markets analyst Cameron Peacock said the Australian market had reached its high point despite weak leads from the US and Europe.

“The market often does surprise us as it has today with fresh highs for the year,” he said.

“The materials and energy sectors are all up and are leading the market higher.”

Overall, energy stocks were 0.88 per cent higher and the materials sector, led by higher overnight iron ore prices, was up 0.68 per cent.

The mining giants all posted gains.

BHP Billiton was up 29.5 cents to $33.54, Fortescue was 15 cents higher to $3.86 and Rio Tinto added 93 cents to $55.83.

Woodside Petroleum gained 36 cents to $33.34 and Caltex Energy added 19 cents to $17.02.

In equity news on Tuesday, Leighton Holdings said its Victorian desalination plant had successfully operated continuously at one third of its capacity for seven consecutive days, allowing it to achieve preliminary commercial acceptance.

Leighton was down three cents at $17.55.

National turnover was 658 million securities worth $1.119 billion, with 398 stocks up, 339 down and 304 unchanged.