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ASX higher on local financials

The Australian share market was higher at noon, following a firm overnight lead from Wall Street and a strong performance by the local finance sector.

The benchmark S&P/ASX200 index was up 15.4 points, or 0.32 per cent, at 4,930.8 points at 1204 AEST, while the broader All Ordinaries index was 15.8 points higher, or 0.32 per cent, at 4,955.2 points.

On the Sydney Futures Exchange, the June share price index futures contract was 28 points higher at 4,942 points on volume of 11,713 contracts.

"It's a good mixture of strong performers, but the stand out of the big boys would have to be National Australia Bank (NAB)," Austock Securities senior client adviser and strategist Michael Heffernan said.

National Australia Bank added 72 cents, or 2.6 per cent, to $28.80, a day after the Australian Competition and Consumer Commission (ACCC) opposed NAB's $14 billion proposal to acquire AXA Asia Pacific Holdings, at the same time not opposing AMP's rival $12.85 billion proposal.

Commonwealth Bank was 27 cents higher at $59.37, and Westpac was up 11 cents at $27.87. ANZ was six cents higher at $25.14 at 1224 AEST.

Macquarie Group was 16 cents lower at $50.09.

"The market is recovering well from yesterday's downer - the infection from Goldman Sachs in the US," Mr Heffernan said.

US stocks clawed back some early loses to finish mixed, with solid bank earnings trumping uncertainty about fraud charges against top Wall Street bank Goldman Sachs.

The Dow Jones Industrial Average closed up 73.39 points (0.67 per cent) at 11,092.05.

The Securities and Exchange Commission filed civil charges against Goldman Sachs on Friday, alleging the New York investment bank misled investors about the risks surrounding securities backed by subprime mortgages that it managed.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

More about: AB, ACCC, AMP, ANZ, Australian Competition and Consumer Commission, AXA, Commonwealth Bank, Dow Jones, Goldman, NAB, National Australia Bank, Securities and Exchange Commission, Sydney Futures Exchange, Wall Street, Westpac, Westpac

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