Aust stocks increase gains at noon

Local market strengthens up to lunchtime after Wall Street rose overnight despite mixed earnings reports.

The Australian stock market increased gains to sit 0.5% higher at noon despite a series of mediocre US earnings reports limiting buying enthusiasm.

At 1205 AEST, the benchmark S&P/ASX200 index rose 0.5% to 5,026.8 points and the broader All Ordinaries index rose 0.52% to 5,014.6 points.

In Australia, the market yesterday closed at its highest levels in two months due to strong gains in the mining and energy sectors.

The S&P/ASX200 index closed above 5,000 points for the first time since May 23.

The benchmark S&P/ASX200 index was up 29.8 points, or 0.60%, at 5,001.9 points, while the broader All Ordinaries index was up 29.5 points, or 0.59%, to 4,988.9 points.