Local shares are enjoying broad-based gains this morning, led by a rally in the financial sector.

The All Ordinaries Index was up 36 points to 5,089 shortly before 11:00am (AEDT), and the ASX 200 was 0.7 per cent higher at 5,072.

Westpac was the best of the big four banks, with gains of almost 1.5 per cent.

Wealth management firm Perpetual jumped 6.6 per cent after reporting a solid rise in its half-year profit.

Rio Tinto was up 1.3 per cent and BHP Billiton was 0.7 per cent higher.

Woolworths was up 0.4 per cent, despite posting a solid rise in its half-year profit.

Treasury Wine Estates was 6 per cent higher at $5.20, after also seeing an increase in its half-year profit.

The Australian dollar was worth 102.24 US cents.