The Australian Securities Exchange or the ASX is currently on an 11 month high and experts and market analysts are not accounting this gain to the better economic and industrial figures. They are not even accounting this trend to early signs of the economic recession lifting. They are saying that this high is basically because of the expiry of derivatives contracts and because of the rally in the banks and resources stocks. All the indexes like the benchmark S&P/ASX 200 index and the All Ordinaries are on a high. Actually, both these indexes are currently at their highest levels since October 2^nd 2008.

Though investor sentiments have started to lift, but still the market needs some confidence for considerable fresh buying to begin, and the rising resources and banking stocks may perhaps provide the impetus that is needed. As more money comes into the resources and the banking stocks, people are saying that the resultant lift is defying gravity. In recent times, the turnover has already crosses $4.7 billion, and this is naturally great news.

However it needs to be mentioned here that small retail investors are still skeptical about putting in their money. This recent run in the ASX has been mainly driven by the big brokers and fund managers.

There are quite a few banking stocks that are pushing the stock market higher and these include the Commonwealth Bank (stocks are currently at a 19 month high), National Australia Bank, ANZ Banking Group and Westpac. These are the four biggest banks in the country and when their stock prices all go up, this is bound to have a positive impact on the market, which is exactly what is happening now.

But other than this, there is also some good news that is coming in. Every little bit helps to bring back investor confidence and the recent report that the economy of New Zealand is not anymore in recession has of course helped.

The dollar is doing better in recent times too and experts are saying that this is partly because of the better figures coming out from New Zealand. While most other stocks such as media, retail and some more are mixed, gold stocks have also been increasing in recent times.

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