Aust stocks rise at noon

Local market pares early gains but holds above key 5000 level.

The Australian stock market pared earlier gains but remained higher at noon, shrugging off a lacklustre performance last week that saw the market limp to a weekly loss of 0.04%.

At 1205 AEST, the benchmark S&P/ASX200 index rose 0.67% to 5,005.3 points and the broader All Ordinaries index gained 0.65% to 4,991.4 points.

The local market had increased more than 1% in mid-morning trade.

CMC Markets chief market analyst Ric Spooner said a strong move clear of the resistance point at 5013 would "indicate ongoing strength".

Signs of potential for ongoing structural reform in Asia over the weekend could also set the tone for local trading today, Mr Spooner said.

"Longer term investors will take heart from the improved potential for structural reform in Japan and from China’s abolition of minimum bank lending rates," he said.

On Friday, the benchmark S&P/ASX200 index was down 21.3 points, or 0.43%, at 4,972.1 points, while the broader All Ordinaries index was down 17.5 points, or 0.35%, to 4,959.4 points.

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