PERTH: The Australian sharemarket was trading more than 1 per cent higher at noon, shrugging off downbeat global leads as a weakening currency sparks buying across the board.
At 12.05pm (AEST), the benchmark S & P/ASX200 index was 68.5 points, or 1.2 per cent, higher at 5781.6, while the broader All Ordinaries index was up 64.4 points, or 1.13 per cent, at 5779.
Overnight, the Australian dollar hit a six-year low against the UK pound, while it fell to a six-week low against the US dollar.
In morning trade, the Australian dollar hit a low of 49.85 pence, its weakest mark since August 2009, while it sank to US76.52c, its lowest point since mid-April.
The weakness in the currency also came after former US Federal Reserve chair Ben Bernanke said Australia may be forced to act on a currency that has remained stubbornly high given the slumping terms of trade.
The local stock market began in upbeat mood today, with all sectors across the local bourse in strong positive territory.
Locally today, the Housing Industry Association released its monthly survey showing new home sales hit a fresh five-year high.
Meanwhile, the Reserve Bank’s private sector credit data missed expectations, with the growth rate of total credit slowing in April as personal lending backtracks.
Financials rallied 1.52 per cent, with all big four banks surging.
ANZ lifted 1.48 per cent to $33.205, while Commonwealth Bank rallied 2.13 per cent to $85.28.
