Share market of Australia was flying high. Metals, oil and banking sector stocks did very well, in particular.

At 12 noon, the benchmark S&P/ASX200 index had risen to 4,844.7 points with a rise of 1.12 per cent. This was the greatest rise in 16 years after the market saw a year of recession.

The four big bankers saw a great rise with ANZ Banking Group lifted at $22.70 rising by 1.38 per cent, Commonwealth Bank of Australia adding 1.29 per cent to $54.57, National Australia Bank picking up 1.38 per cent to $27.07, and Westpac Banking Corporation edging up 0.11 per cent to $25.42.

BHP Billiton was up by 53 cents at $43.00 while the rival company Rio Tinto gained 77 cents to $74.27. Gold miners were mostly up, with Lihir putting on two cents to $3.28 and Newcrest gaining
21 cents to $35.35, but Newmont down 10 cents at $5.35.

Oil Search also advanced by 0.83 per cent to $6.02, Santos climbing 1.35 per cent to $14.18 and Woodside Petroleum putting on 0.65 per cent to $47.81.

"We anticipated the market would be a little bit stronger today, and it has probably outstripped some of that early expectation. Markets were relatively stable leading up to Christmas, and we are seeing increased support for equity markets abroad, and that is flowing through here today”, said senior dealer with Shaw Stockbroking, Jamie Spiteri.