The Australian sharemarket is currently gaining for only the second time this week with the All Ordinaries index (XAO) up 42.3pts or 0.9pct to 4762.8. All sectors are in the black with the financial sector leading the way.

ANZ Banking Group (ANZ) is up 3.24pct or 78cents to $24.83. ANZ posted a cash profit of just over $5 billion for the full year ended 30 September. This was slightly better than expectations. The other 3 major banks are also performing quite strongly, up at least 1pct.

The miners are holding up nicely despite weakness in commodity prices overnight after gains in the USD put pressure on base metal prices. Our largest miner, BHP Billiton (BHP) is up 1.13pct or 47cents to $41.96 whilst its competitor RIO Tinto (RIO) is up 1.88pct or $1.55 to $83.91.

Australia's largest gold producer, Newcrest Mining (NCM) has their annual general meeting (AGM) today and is currently up a modest 0.15pct or 6cents to $39.38.

The retailers are gaining in line with the broader market and the property trusts are amongst the strongest performers in terms of percentage gains.

No major economic data has been released in the first half of the day.

The Australian dollar has gained some ground on the USD throughout the morning and currently buys US97.4c.