Local stocks are managing to hold on to six week highs, although trading volumes are light. US and European markets advanced overnight, while the price of crude oil hit a two year high and base metals advanced in London.

Index leader BHP Billiton (BHP) is once again doing the majority of the work, up 1.1pct to $46.33 while Rio Tinto (RIO) is up 0.4pct to $87.16.

Financial stocks are generally firmer, with Westpac (WBC) the best out of the big four, up 0.7pct to $22.76.

Telstra (TLS) says it will record a $138 million impairment charge against one of its businesses in China, but that the write-down will not have an effect on its bottom line. TLS shares are up 0.4pct to $2.78.

Online job advertiser Seek Limited (SEK) is expanding into South-East Asia, with plans to outlay $206 million for a 60pct stake in an online employment agency there. SEK is up 0.9pct at lunchtime in the East to $6.62.

The Australian dollar is worth US99.9c, £0.6485 and €76.2c.

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