News from AAP

Market bounds higher off banks, miners

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The Australian share market is higher and making gains as the energy, resources and financial stocks lead a strong recovery.

Bounces in the energy and resource sectors led the drive into positive territory with BHP Billiton leaping more than four per cent, and Rio Tinto up 2.5 per cent.

Oil Search was up four per cent while Santos climbed 3.8 per cent.

The major banks also contributed to the renewed health with all four lenders up more than two per cent.

KEY FACTS

* At 1205 AEDT, the benchmark S&P/ASX200 index was up 80 points, or 1.63 per cent, at 4989.6 points.

* The broader All Ordinaries index was up 77.2 points, or 1.56 per cent, at 5,041.1 points.

* The December share price index futures contract was up 85 points at 4,989 points, with 78,552 contracts traded.

* At 1221 AEDT, national turnover was 985 million securities worth $2.3 billion.