Shares make positive start to 2014 The Australian share market is trading higher as investors approach the first session of 2014 with optimism. After Wednesday's New Year's Day public holiday, local shares have followed positive leads from United States and European markets on New Year's Eve, and from China, which was the only major market open on New Year's Day. At 12.03pm the benchmark S&P/ASX200 index was up 21.4 points, or 0.4 per cent, at 5,373.6 points. The broader All Ordinaries index was also up 21.4 points, or 0.4 per cent, at 5,374.5 points. CMC Markets chief market analyst Ric Spooner said it was hard to identify any news that was driving the market, and the volume of trading was low. "It's one of those sessions where the momentum is feeding on itself," Mr Spooner said. The market is in an optimistic frame of mind, and investors who are around are not wanting to miss out, and everything creeps higher. In the resources sector, global miner BHP Billiton had lifted 18 cents at $38.17, Rio Tinto was 57 cents richer at $68.75 and Fortescue Metals had improved five cents to $5.87. Among the major banks, Westpac had added two cents to $32.40 as it completed its $1.45 billion purchase of Lloyds Banking Group's Australian motor and equipment finance business. ANZ had gained three cents at $32.26, Commonwealth Bank was up 26 cents at $78.06 and National Australia Bank was 2.5 cents higher at $34.855. Other financial stocks were stronger, with insurer QBE up 23 cents at $11.74 and Macquarie Group 57.5 cents higher at $55.545.