The Australian share market is making modest gains in early trade, on the back of a positive lead from Wall Street. The All Ordinaries Index (XAO) is up 11.8pts or 0.3pct to 4384.5.

Rio Tinto (RIO) is contributing most to the overall gains, up 1pct at lunchtime in the East to $65.69. Gold stocks however have fallen, with the price of the precious metal easing during overnight trade. Newcrest Mining (NCM) is down 0.7pct to $33.43 while Lihir Gold (LGL) is lower by 0.7pct to $4.11.

The energy sector has eased by 0.5pct despite a firmer oil price, with Paladin Energy (PDN) down 2.5pct to $3.52 after announcing it plans to make a bid for NGM Resources (NGM). NGM is in a halt, last at 9.3c.

The financial sector is marginally higher, thanks to the NAB (NAB) and ANZ (ANZ) which are both higher by around 0.5pct.

MAp Group (MAP) has risen 1.8pct to $2.87 after announcing that passenger traffic at its three airports grew in June, with the strongest performance at Sydney Airport. Total traffic rose 13.2pct in the month, with traffic at Sydney Airport rising 9.4pct. Domestic traffic drove the growth at Sydney Airport.

Nufarm (NUF) shares are firmer by 4pct to $3.38 on a broker upgrade.

The Australian dollar is buying US82.71c and €67.36c.