Aust stocks climb to six-year high at noon

Local market extends morning gains as Commonwealth Bank hits a record high.

The Australian sharemarket has extended morning gains to touch a fresh six-year intraday high at noon, as investors prepare for the end of the month and eye a string of data releases scheduled later this week.

At 12.05pm (AEST), the benchmark S&P/ASX200 index rose 41.8 points, or 0.75%, to 5,630.2 points, while the broader All Ordinaries index lifted 41.7  points, or 0.75%, to 5,622.3 points.

The benchmark index is now at its highest level since June 2008.

The local sharemarket has taken a breather since its run of fresh highs last week as investors book profits and trade cautiously ahead of scheduled releases on US GDP and Chinese manufacturing. 

But this morning's gains come as investors shrug off a weaker close on Wall Street overnight.