The Australian share market has started the trading day on a positive note, on the back of firmer commodity prices and expectations the Reserve Bank of Australia will leave interest rates on hold when it hands down its policy decision at 2.30pm Eastern time.

Financial stocks are all faring well, with shares in the NAB (NAB) the best out of the big four, up 0.6pct to $23.87. Shares in Westpac (WBC) have risen 0.6pct to $21.80 while the Commonwealth Bank (CBA) is firmer by 0.5pct to $49.57. The ANZ (ANZ) has gained 0.2pct to $23.31 while Macquarie Group (MQG) is up 0.4pct to $35.76.

Stronger commodity prices across the board are also boosting the key mining players. BHP Billiton (BHP) has gained 0.8pct to $44.89 while Rio Tinto (RIO) is up 1.2pct to $87.04.

Media company Fairfax (FXJ) has clawed back yesterday’s losses in the wake of the shock resignation of the company’s CEO Brian McCarthy. FXJ is trading up 2.1pct at lunchtime in the East to $1.44.

Healthcare stocks are still under pressure, following US drug giant Pfizer’s decision to cut out the middle man and distribute drugs directly to Australian pharmacies and not through wholesalers. Sigma Pharmaceuticals (SIP) is down a further 2.5pct to $0.395 and Australian Pharmaceutical Industries (API) is off 7.8pct to $0.42.

Telstra (TLS) shares are trading steady at $2.80.

The Australian dollar is weaker against the greenback, buying US98.84c. However, in equivalent terms, it has hit a 21 year high against the Euro and is buying €74.37c.