The Australian share market was higher at Monday noon, buoyed by most financial and mining stocks.

At midday (AEST), the benchmark S&P/ASX200 index was 12.5 points or 0.28 per cent stronger at 4553.7 points. The broader All Ordinaries index, meanwhile, had climbed 17.7 points, or 0.39 per cent at 4595.3 points.

Materials stocks improved 0.2 per cent, financials firmed up 0.1 per cent, while industrials dropped 0.2 per cent.

On the Sydney Futures Exchange, the September share price index contract jumped 20 points at 4557 on a volume of 16,028 contracts.

The gains came after a positive lead from Wall Street on Friday, according to Hubb Financial market analyst Andrew Page.

''There has been a trickle of encouraging economic data, so people are starting to panic a little less about the prospect of a double-dip recession and that has been encouraging buying.''

Financials were mainly higher, although Macquarie stocks slumped after the bank announced its first-half profit would decline 25 per cent.

Macquarie shares were down $1.90 or 5.14 per cent, at $35.09 at midday after a slight improvement from mid-morning lows.

The big four banks, however, all experienced gains. Commonwealth Bank increased 31 cents at $51.88. Westpac moved up to $22.69 after adding 19 cents. National Australia Bank rose two cents to $24.12, while ANZ was 29 cents higher at $23.58.

The New Zealand earthquake had shaken some insurance stocks, even as many companies said they were themselves insured against disasters of this type, according to Mr Page.

At 12.18pm, shares in Insurance Australia Group (IAG) were lower 2c or 0.58 per cent at $3.45.

The resource giants were in the black by 1220 AEST, with BHP Billiton gaining 4c to $38.37, despite going ex-dividend. Rio Tinto added 37c at $74.14.