The Australian stock market was surging ahead at Monday noon, with banks and mining stocks following a strong lead from Wall Street.

At midday, the benchmark S&P/ASX200 index added 80.9 points or 1.9 per cent at 4451. The broader All Ordinaries index was up 77.2 points or 1.8 per cent to reach 4481.3.

On the Sydney Futures Exchange, the September share price index futures contract gained 93 points at 4,441 on volume of 22,632 contracts.

Of the major sectors, financials climbed 2.2 per cent, while materials increased 2.1 per cent. Energy added 2 per cent.

''We are ripping ahead,'' said Austock Securities senior client adviser and strategist Michael Heffernan.

''Across the board we are doing very well. There are no companies in the top 20 that are not green.''

According to him, markets took heart from reassurances by US Federal Reserve chairman Ben Bernanke that the central bank would provide more stimuli to the US economy if necessary.

At 12.01pm (AEST), National Australia Bank was the top performer, gaining 62 cents or 2.69 per cent at $23.67.

ANZ had increased 52 cents to $22.96. Commonwealth Bank added $1.27 to $50.48, while Westpac improved 50 cents to $22.25.

Among the resource companies at 12.01pm (AEST), global miner BHP Billiton edged up 46 cents at $37.76, while Rio Tinto added $1.65, or 2.38 per cent at $70.95.

Mr Heffernan predicts the market will end about 1.5 per cent stronger.