The share market is higher as investors flood back into the market to snap up key mining and banking stocks on the cheap.

BHP Billiton led the charge up, bouncing more than three per cent after finding favour with bargain hunters in the fallout of its Brazilian mine disaster.

Other miners Rio Tinto and Fortescue Metals also ticked higher, while the big banks saw solid gains with ANZ jumping more than two per cent.

Mum-and-dad staples Woolworths, Wesfarmers and Telstra are also ahead.

KEY FACTS

* At 1204 AEDT, the benchmark S&P/ASX200 index was up 76.7 points, or 1.48 per cent, at 5,243.2 points.

* The broader All Ordinaries index was up 73.1 points, or 1.4 per cent, at 5,291.3 points.

* The December share price index futures contract was up 62 points at 5,248 points, with 19,716 contracts traded.

* At 1215 AEDT, national turnover was one billion securities worth $2.2 billion.