The sharemarket has closed at its highest point since September 2008, led by the major banks.
At 4.15pm AEDT, the benchmark S&P/ASX 200 index had risen 29.5 points, or 0.59 per cent, to 5063.4 points, while the broader All Ordinaries index had added 28.3 points, or 0.56 per cent, to 5082.9 points.
On the ASX 24, the March share price index futures contract was up 45 points at 5040 points, with 25,750 contracts traded, according to preliminary calculations.
"Momentum in financial stocks continues to be there," IG Markets market strategist Evan Lucas said as investors continued to support the banks in the wake of a strong earnings report from the Commonwealth Bank last week. "The banks are absolutely driving this market."
Mr Lucas said Commonwealth Bank and telco Telstra were not weighing upon the market too much today despite going ex-dividend.
He said miner Rio Tinto had also jumped back after being oversold on Friday after its full year earnings report in which the company reported a statutory loss but an underlying profit.
Mr Lucas said a lot of mid-cap stocks had released their earnings reports today, and overall they were fairly pleasing.
He said investors were looking forward to Wednesday, when global miner BHP Billiton reports its financial results.
Among the major banks, ANZ rose 73c to $28.50, National Australia Bank rose 64c to $30.15, Westpac rose $1.05 to $30.20 and Commonwealth Bank fell $1.25 at $65.78.
Bendigo and Adelaide Bank was 32c higher at $10.17 as it said interest rates on deposit accounts might be about to fall as other sources of funds become cheaper and more accessible for banks.
Steelmaker BlueScope soared 58c, or 15.38 per cent, to $4.35 on news that its first-half loss had narrowed.
Pacific Brands rose 2.5c to 75.5c after the struggling clothing retailer said it had returned to profitability.
Drilling company Boart Longyear fell 17.5c, or 8.18 per cent, to $1.965 after it said it expected the downturn in last year's operating revenue to continue.
Construction giant Lend Lease fell 27c to $10.42 as it reported a 39 per cent profit jump.
Packaging giant Amcor rose 23c to $9.14 as it lifted its first-half profit by 16 per cent but said it would cut about 300 jobs.
Preliminary national turnover was 2.12 billion securities worth $8.73 billion, with 519 stocks up, 528 down and 359 unchanged.
