The Australian share market has risen almost one per cent to trade at a fresh 10-month high at noon, led by property stocks, on more signs the US economy may be pulling out of recession. The broader All Ordinaries index had gained 41.2 points, or 0.96 per cent, to 4344.3.
All sectors are in positive territory at midday, however the best performing sector is the Real Estate Investment Trust index up 29 points to 828. Shares in Stockland up 4.13 per cent at $3.28. Shares in Westfield Group and Mirvac Group are also stronger at noon.
The market's gains came despite a fall in Rio Tinto shares, with China's state secrets agency accusing the mining giant of spying on Chinese companies over six years.
Rio Tinto shares were down 79c, to $59.78, while rival BHP Billiton was up 40 cents at $38.40.The major banks were slightly higher.
NAB had gained 17 cents to $25.67, ANZ was up 21 cents at $19.89, Commonwealth Bank had lifted 1cent to $44.45 and Westpac was 4 cents higher at $22.87.
Elsewhere in the banking sector, Bendigo and Adelaide Bank has announced a $300 million capital raising after posting a 57.7 per cent plunge in 2008/09 net profit. Bendigo shares were in a trading halt at $8.13, while it conducts its capital raising.
Oil was down in Asian trade Monday after the dollar strengthened on the back of better-than-expected US unemployment data.
Some analysts are saying "In the near term we may see some retreat in oil, the oil market will continue to be influenced by this fight between weak fundamentals and the drive from stock markets which are based on expectations of an economic recovery,"
The gold miners dragged on the index as the spot price of gold in Sydney declined $US7.50 to $US953.95 per fine ounce as of 1205 AEST, from Friday's close of $US961.45.
