The local share market has fallen in each of its last two sessions but that looks set to change today with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up more than 1% near lunchtime, defying a weak start from BHP Billiton Limited (ASX: BHP).
BHP Billiton has severely underperformed the broader market over the last 12 months as a result of crashing commodity prices and the prospect of lower dividends, while the recent catastrophe at Samarco, Brazil, saw the shares sold down even further. They've fallen 3.1% so far this morning and are threatening to fall below the $19 per share mark for the first time since 2008.
Slater & Gordon Limited (ASX: SGH) has also started off poorly, falling another 40%, while Seven West Media Ltd (ASX: SWM) is down 3.5% so far for the day.
However, each of the big four banks have provided enough support to see the market rally higher. Commonwealth Bank of Australia (ASX: CBA) is up 1.8%, while National Australia Bank Ltd. (ASX: NAB), Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) have all risen between 1.4% and 1.5%.
Meanwhile, Wesfarmers Ltd (ASX: WES) is up 1.1%, Telstra Corporation Ltd (ASX: TLS) has jumped 1.6% and CSL Limited (ASX: CSL) has gained 1.7%.
Although the sharemarket has been somewhat jumpy lately, the ASX 200 is still trading well below its high levels from earlier this year, presenting investors with a fantastic opportunity to buy high-quality companies at beaten-down prices.