Big banks leading Aussie shares higher at midday

The local share market has put together a positive start to the week after a strong US jobs report over the weekend allayed fears the world's biggest economy was headed into recession.

The benchmark S&P/ASX200 index on Monday finished up 55.4 points, or 0.68 per cent, to 8,205.4, while the broader All Ordinaries climbed 62.4 points, or 0.74 per cent, to 8,479.0.

The Australian dollar had dropped to a nearly three-week low of 68.04 US cents, from 68.42 US cents at Friday's ASX close.